News-driven inflation expectations and information rigidities
dc.contributor.author | Larsen, Vegard H. | |
dc.contributor.author | Thorsrud, Leif Anders | |
dc.contributor.author | Zhulanova, Julia | |
dc.date.accessioned | 2019-05-20T13:01:00Z | |
dc.date.available | 2019-05-20T13:01:00Z | |
dc.date.issued | 2019-04-23 | |
dc.identifier.issn | 1892-2198 | |
dc.identifier.uri | http://hdl.handle.net/11250/2598089 | |
dc.description.abstract | We investigate the role played by the media in the expectations formation process of households. Using a news-topic-based approach we show that news types the media choose to report on, e.g., (Internet) technology, health, and politics, are good predictors of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple media channel, we document that the underlying time series properties of relevant news topics explain the timevarying information rigidity among households. As such, we not only provide a novel estimate showing the degree to which information rigidities among households vary across time, but also provide, using a large news corpus and machine learning algorithms, robust and new evidence highlighting the role of the media for understanding inflation expectations and information rigidities. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | BI Norwegian Business School | nb_NO |
dc.relation.ispartofseries | CAMP Working Paper Series;03/2019 | |
dc.subject | expectations | nb_NO |
dc.subject | media | nb_NO |
dc.subject | machine learning | nb_NO |
dc.subject | inflation | nb_NO |
dc.title | News-driven inflation expectations and information rigidities | nb_NO |
dc.type | Working paper | nb_NO |
dc.source.pagenumber | 76 | nb_NO |
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