There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

A structural factor‐augmented VAR model is used to evaluate the role of 'news shocks' in
generating the business cycle. We find that existing small‐scale VAR models are affected by …

We estimate a dynamic stochastic general equilibrium (DSGE) model with several frictions
and both unanticipated and news shocks, using quarterly US data from 1954 to 2004 and …

The basic assumption of a structural vector autoregressive moving average (SVARMA)
model is that it is driven by a white noise whose components are uncorrelated or …

The awarding of the Olympic Games to a certain city or the announcement of a city's Olympic
bid may be considered as a news shock that affects agents' market expectations. A news …

We use data on monthly patent applications to construct an external instrument for
identification of technology news shocks in an information-rich VAR. Technology diffuses …

We uncover technological standardization as a microeconomic mechanism which is vital for
the implementation of new technologies, in particular general purpose technologies. The …

We exploit information in a new dataset of monthly patent applications to construct an
instrumental variable for the identification of technology news shocks that relaxes all the …

This paper investigates the reliability of SVARs in identifying the dynamic effects of news
shocks. Using a simple but insightful model with a non-fundamental representation, we …

Summary Structural Vector Autoregressions (SVAR) represent a prominent class of time
series models used for macroeconomic analysis. The model consists of a set of multivariate …