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How big is the media multiplier? Evidence from dyadic news data
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Besley, Timothy, Fetzer, Thiemo and Mueller, Hannes (2024) How big is the media multiplier? Evidence from dyadic news data. Review of Economics and Statistics . pp. 1-45. doi:10.1162/rest_a_01415 ISSN 0034-6535. (In Press)
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Official URL: https://doi.org/10.1162/rest_a_01415
Abstract
This paper estimates the size of the media multiplier, an easily generalizable model-based measure of how far media coverage magnifies the economic response to shocks. We combine monthly aggregated and anonymized credit card activity data from 114 card issuing countries in 5 destination countries with a large corpus of news coverage in issuing countries reporting on violent events in the destinations. To define and quantify the media multiplier we estimate a model in which latent beliefs, shaped by either events or news coverage, drive card activity. According to the model, media coverage can more than triple the economic impact of an event. We document, through our model, that this effect is highly heterogenous and depends on the broader media representation of countries in each others news.
Item Type: | Journal Article | ||||||||||||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor P Language and Literature > PN Literature (General) > PN1990 Broadcasting |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||||||||||||
Library of Congress Subject Headings (LCSH): | Economic development, International relations, Technological innovations -- Economic aspects, Digital media, News agencies | ||||||||||||||||||
Journal or Publication Title: | Review of Economics and Statistics | ||||||||||||||||||
Publisher: | MIT Press | ||||||||||||||||||
ISSN: | 0034-6535 | ||||||||||||||||||
Official Date: | 9 February 2024 | ||||||||||||||||||
Dates: |
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Page Range: | pp. 1-45 | ||||||||||||||||||
DOI: | 10.1162/rest_a_01415 | ||||||||||||||||||
Status: | Peer Reviewed | ||||||||||||||||||
Publication Status: | In Press | ||||||||||||||||||
Re-use Statement: | This is the author’s final version, and has been accepted for publication in Review of Economics and Statistics on 11/11/23 | ||||||||||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||||||||||
Copyright Holders: | © 2023 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology | ||||||||||||||||||
Date of first compliant deposit: | 15 December 2023 | ||||||||||||||||||
Date of first compliant Open Access: | 18 December 2023 | ||||||||||||||||||
RIOXX Funder/Project Grant: |
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