Media tone : the role of news and social media on heterogeneous inflation expectations
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https://urn.fi/URN:NBN:fi-fe2024090569406BoF_DP_2408.pdf
sly with the expectations of younger and more educated groups. Interestingly, social media correspond more closely than traditional news with the expectations of professional forecasters. Our analysis shows that media influences can persist for longer than a year, highlighting the importance of historical inflation data and the gradual adaptation of new information. Additionally, we find that separate media tones for specific news topics such as “Inflation & Fed” and “Healthcare Costs” resonate differently across demographic groups. These insights highlight the nuanced role of media in shaping inflation expectations across demographic segments.
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