We formalize the editorial role of news media in a multisector economy and show that media can be an independent source of business cycle fluctuations, even when they report accurate information. Public reporting about a subset of sectoral developments that are newsworthy but unrepresentative causes firms across all sectors to hire too much or too little labor. We construct historical measures of US sectoral news coverage and use them to calibrate our model. Time-varying media focus generates demand-like fluctuations that are orthogonal to productivity, even in the absence of non-TFP shocks. Presented with historical sectoral productivity, the model reproduces the 2009 Great Recession. (JEL D22, D83, E32, L82)

中文翻译：

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行业媒体焦点和总体波动

我们正式确定了新闻媒体在多部门经济中的编辑作用，并表明媒体可以成为商业周期波动的独立来源，即使它们报道准确的信息。对具有新闻价值但不具代表性的部分行业发展的公开报道会导致所有行业的公司雇佣过多或过少的劳动力。我们构建了美国部门新闻报道的历史度量，并使用它们来校准我们的模型。时变的媒体焦点会产生与生产力正交的类似需求的波动，即使在没有非全要素生产率冲击的情况下也是如此。该模型以历史部门生产力呈现，再现了 2009 年的大衰退。(JEL D22, D83, E32, L82)