Sectoral Effects of News Shocks
发现，关于耐用品行业技术进步的新闻冲击会引发该行业基本面的大幅反应，但不会导致行业内短期联动，库存行为是解释模型与数据吻合的关键。
Abstract This paper argues that an aggregate news shock reveals news about technological improvements in the durable goods sector. Better technological prospects translate into large responses of the fundamentals in the durable goods sector; much larger than the responses of the fundamentals in the non‐durable goods sector. These better technological prospects, contrary to common belief, do not induce short‐run comovement among fundamentals within either of the two sectors. The behaviour of inventories, an important margin that durable goods producers can use to buffer news shocks, proves to be crucial for reconciling the effects of news shocks in a two‐sector model with the data.