Man-Bites-Dog Business Cycles
研究了新闻价值中事件罕见性对经济周期的影响，发现异常事件后的信号会加剧不确定性和预期分歧，从而解释宏观变量的大幅波动、持续高波动期以及预期离散度与变量变化的正相关。
The newsworthiness of an event is partly determined by how unusual it is and this paper investigates the business cycle implications of this fact. Signals that are more likely to be observed after unusual events may increase both uncertainty and disagreement among agents. In a simple business cycle model, such signals can explain why we observe (i) occasional large changes in macroeconomic aggregate variables without a correspondingly large change in underlying fundamentals, (ii) persistent periods of high macroeconomic volatility and, (iii) a positive correlation between absolute changes in macrovariables and the cross-sectional dispersion of survey expectations.