新闻媒体、通货膨胀和市场情绪

Alistair Macaulay, Wenting Song
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引用次数: 1

摘要

我们研究了媒体对通货膨胀的描述与消费者情绪之间的关系。利用自然语言处理工具,我们发现了美国新闻报道中关于通胀的两种相互矛盾的说法:第一种说法将通胀与金融变量联系起来,而第二种说法将通胀与实际变量联系起来。随着2021年通货膨胀率的上升,媒体越来越重视实体经济。将通胀新闻与Twitter的社交网络数据联系起来,我们发现,接触强调通胀与实体经济之间联系的文章会显著降低情绪,尤其是在高通胀时期。因此,媒体叙事的转变可能导致2021年消费者信心下降。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
News Media, Inflation, and Sentiment
We study the relationship between media portrayals of inflation and consumer sentiment. Using tools from natural language processing, we uncover two competing narratives in US news coverage of inflation: the first relates inflation to financial variables, while the second relates inflation to real variables. As inflation rose in 2021, media increasingly emphasized the real economy. Linking inflation news to social network data from Twitter, we find that exposure to articles emphasizing the connection between inflation and the real economy significantly reduces sentiment, particularly in periods of high inflation. Shifting media narratives may therefore have contributed to declining consumer sentiment in 2021.
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