media coverage of economic news in Germany, we find that a higher volume of economy-wide news indeed signifi cantly … of sectoral output comovement. Although firms tend to be more susceptible to bad news, the tone of media coverage only …

on aggregate information to make output decisions. We find empirical support for this hypothesis: news on aggregate … developments, on average, affect firms production plans significantly more than news on sector-specific developments. This result …

on aggregate information to make output decisions. We find empirical support for this hypothesis: news on aggregate … developments, on average, affect firm's production plans significantly more than news on sector-specific developments. This result … ; news ; expectation driven business cycles ; information complementarities ; sectoral comovement …

Recent literature suggests that news shocks could be an important driver of economic cycles. In this article, we use a … direct measure of news sentiment derived from media reports. This allows us to examine whether innovations in the reporting … manufacturing sector. We find that innovations in news reporting affect business expectations, even when conditioning on the current …

information that provides a coding service is the mass media. This paper investigates empirically whether the news media have an … macroeconomic news rises. Second, the news media act as an amplifi er of actual economic developments. Third, business expectations … react stronger to negative than to positive news. …