Sectoral Media Focus and Aggregate Fluctuations
研究了新闻媒体在多部门经济中的编辑角色，发现即使报道准确信息，媒体也能独立引发商业周期波动，并通过美国部门新闻覆盖的历史数据校准模型，再现了2009年大衰退。
We formalize the editorial role of news media in a multisector economy and show that media can be an independent source of business cycle fluctuations, even when they report accurate information. Public reporting about a subset of sectoral developments that are newsworthy but unrepresentative causes firms across all sectors to hire too much or too little labor. We construct historical measures of US sectoral news coverage and use them to calibrate our model. Time-varying media focus generates demand-like fluctuations that are orthogonal to productivity, even in the absence of non-TFP shocks. Presented with historical sectoral productivity, the model reproduces the 2009 Great Recession.