News or Noise? The Missing Link
证明新闻和噪音在实证上是相同的，并利用三个知名模型说明现有研究低估了纯粹信念驱动波动的重要性，同时解释了经济环境和信息结构差异如何影响其估计。
The literature on belief-driven business cycles treats news and noise as distinct representations of agents' beliefs. We prove they are empirically the same. Our result lets us isolate the importance of purely belief-driven fluctuations. Using three prominent estimated models, we show that existing research understates the importance of pure beliefs. We also explain how differences in both economic environment and information structure affect the estimated importance of pure beliefs.