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Sectoral effects of news shocks
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Vukotić, Marija (2019) Sectoral effects of news shocks. Oxford Bulletin of Economics and Statistics, 81 (2). pp. 215-249. doi:10.1111/obes.12269 ISSN 0305-9049.
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Official URL: https://doi.org/10.1111/obes.12269
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.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Durable goods, Consumer, Business cycles | ||||||||
Journal or Publication Title: | Oxford Bulletin of Economics and Statistics | ||||||||
Publisher: | Wiley-Blackwell Publishing, Inc | ||||||||
ISSN: | 0305-9049 | ||||||||
Official Date: | April 2019 | ||||||||
Dates: |
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Volume: | 81 | ||||||||
Number: | 2 | ||||||||
Page Range: | pp. 215-249 | ||||||||
DOI: | 10.1111/obes.12269 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This is the peer reviewed version of the following article: Vukotić, M. (2018), Sectoral Effects of News Shocks. Oxf Bull Econ Stat. . doi:10.1111/obes.12269, which has been published in final form at Oxford Bulletin of Economics and Statistics. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 28 September 2018 | ||||||||
Date of first compliant Open Access: | 21 October 2020 | ||||||||
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