Sentiments and Economic Activity
Evidence from US States
Bibliographic Data
| ID | 9720560 |
|---|---|
| Authors | Jess Benhabib (0000-0002-2714-1423, New York University), Mark M Spiegel (0000-0002-1931-5382, Federal Reserve Bank of San Francisco, corresponding author) |
| Year | 2019 |
| Volume | 129 |
| Issue | 618 |
| Pages | 715-733 |
| Publication date | 2019-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12605 |
| OpenAlex | W3021395719 |
| Language | EN |
| Citations received | 12 |
| References cited | 18 |
We examine whether sentiment influences aggregate demand by studying the relationship between the Michigan Survey expectations concerning national output growth and future economic activity at the state level. We instrument for local sentiments with political outcomes, positing that agents in states with a higher share of congressmen from the political party of the sitting President will be more optimistic. This instrument is strong in the first stage, and our results confirm a positive relationship between sentiments and future state economic activity that is robust to a battery of sensitivity tests
Aggregate (composite · Economics · Political economy · Political science · Politics · Positive economics · Public economics · State (computer science · Culture, Economy, and Development Studies · Economic theories and models · Law · Monetary Policy and Economic Impact
The Effect of Consumer Confidence and Subjective Well-being on Consumers’ Spending Behavior
Breaking new grounds
Consumer Sentiment, Managerial Expectations and Resource Adjustment Decisions
Stuck in the Seventies
Partisan Bias, Economic Expectations, and Household Spending
Do not shut up and do dribble
Partisan abortions
Political advertising and consumer sentiment
Partisan bias in inflation expectations
Lockdowns, vaccines, and the economy
Not as bad as I thought
What Does Really Drive Consumer Confidence
Information, Animal Spirits, and the Meaning of Innovations in Consumer Confidence
Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence
Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data
Do Sunspots Matter
Animal Spirits
Consumer Confidence and Consumer Spending
Partisanship and Economic Behavior
| Unique citing works | 12 |
|---|---|
| Citations per year | 2,4 |
| Citation span | 2021 - 2026 (6) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 12 |