This paper studies the role of narratives for macroeconomic fluctuations. We micro-found narratives as directed acyclic graphs and show how exposure to different narratives can affect expectations in an otherwise standard macroeconomic model. We capture such competing narratives in news media's...

This paper provides direct evidence of the importance of firm attention to macro-economic dynamics. We construct a text-based measure of firm attention to macro-economic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses...

We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth on the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings...

This paper studies how the distribution of information supply by the news media affects the macroeconomy. We document three connected facts about the media's reporting of firm news. First, media coverage is highly concentrated, focusing particularly on the largest firms in the economy. Second,...

We study the distribution of political speech across U.S. firms. We develop a measure of political engagement based on firms' communications (earning calls, regulatory filings, and social media) by training a large language model to identify statements that contain political opinions. Using...

This study evaluates the effectiveness of varying levels of human and artificial intelligence (AI) integration in reproducibility assessments of quantitative social science research. We computationally reproduced quantitative results from published articles in the social sciences with 288...

The People's Republic of China (PRC) has been undergoing marvelous industrialization and manufacturing development in the past decades, which has promoted its fast economic growth and has reached a level of middle-income in recent years. It is widely accepted that the PRC's status as the...