News and Financial Intermediation in Aggregate Fluctuations
研究发现，在动态随机一般均衡模型中引入金融渠道后，新闻冲击能解释美国经济周期中50%的工时波动和37%的产出波动，解决了新闻冲击宏观效应不显著的矛盾。
An important disconnect in the news view of fluctuations is the lack of consistent evidence suggestive of significant macroeconomic effects of news shocks. Findings from estimated DSGE models that, in theory, allow news shocks to matter quantitatively, suggest they do not. This disconnect can be resolved once we augment a DSGE model with a financial channel that provides amplification to news shocks. Our results suggest news shocks to the future growth prospects of the economy to be significant drivers of U.S. fluctuations, explaining as much as 50% and 37% of the variance in hours worked and output respectively, in cyclical frequencies.