Can news help measure economic sentiment? An application in COVID-19 times
| Autor: | Corinna Ghirelli, Matías Pacce, Alberto Urtasun, Pablo Aguilar |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Measure (data warehouse)
Economics and Econometrics Index (economics) Coronavirus disease 2019 (COVID-19) Nowcasting Computer science media_common.quotation_subject 05 social sciences Recession Newspaper Order (exchange) 0502 economics and business Economics Econometrics European commission 050207 economics Construct (philosophy) Finance 050205 econometrics media_common |
| Zdroj: | Economics Letters |
| ISSN: | 0165-1765 |
| DOI: | 10.1016/j.econlet.2021.109730 |
| Popis: | We construct a new newspaper-based sentiment indicator for Spain that allows us to monitor Spanish economic activity in real-time. As opposed to the traditional survey-based confidence indicators that are released at the end of the month, our indicator can be constructed on a daily basis and updated in real-time. We compare our proposed index with the popular Economic Sentiment Indicator of the European Commission, and we show that ours performs significantly better in nowcasting the Spanish GDP. In addition, our indicator proves to be helpful in order to predict the current COVID-19 recession from an earlier date. All in all, our indicator performs similarly to or even outperforms other soft indicators, with the advantage of being updated daily. Thus, it provides a valuable option when measuring the confidence in the economy. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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