News Shocks,Business Cycles,and the Disinflation Puzzle

We argue that key findings of the empirical literature on the effects of news about future technology—including their tendency to generate negative comovement of macro-economic aggregates, and their puzzling disinflationary nature—are due to measurement errors in total factor productivity (TFP). In this paper, we estimate the macro-economic effects of news shocks in the United States using an agnostic identification approach that is robust to measurement errors. We find no evidence of negative comovement conditional on a news shock, and the disinflation puzzle essentially vanishes under our identification strategy. Our results also indicate that news shocks have become an important driver of business-cycle fluctuations in recent years.     

政府职能转变与权力制约机制建设

中共十八届三中全会通过的《中共中央关于全面深化改革若干重大问题的决定》是马克思主义中国化的纲领性文献，它对于转变政府职能、强化权力运行制约和监督体系等问题作出了战略部署，开启了全面深化改革的历史进程。在政治学视阚中，需要对于公平正义问题、权力监督问题、治理能力与治理体系问题等加强研究，进一步阐释《中共中央关于全面深化改革若干重大问题的决定》在马克思主义政治学中的地位问题。