We examine the hypothesis that animal spirits might affect economic behavior by analyzing how consumer spending changes in response to the news coverage of the investigation into coordination between Donald Trump's presidential campaign and Russia. Using daily consumption data, we find that Republicans and Democrats responded differently to the news. Increased media coverage led households in counties that voted for Hillary Clinton to spend less: On the days of heaviest news coverage, spending declined by $0.007 to $0.011 per household member for every point added to Clinton's vote share. There is evidence that in Republican counties, the coverage had opposite effects.

中文翻译：

---

情绪的变化会影响消费者行为吗？来自特朗普-俄罗斯调查的证据

我们通过分析消费者支出如何响应唐纳德特朗普总统竞选与俄罗斯之间协调调查的新闻报道来检验动物精神可能影响经济行为的假设。使用日常消费数据，我们发现共和党人和民主党人对新闻的反应不同。媒体报道的增加导致投票支持希拉里克林顿的县的家庭减少支出：在新闻报道最多的日子里，克林顿的投票份额每增加一个点，每个家庭成员的支出减少 0.007 美元至 0.011 美元。有证据表明，在共和党县，覆盖范围产生了相反的效果。