Economy through a lens: Distortions of policy coverage in UK national newspapers |
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| Affiliation: | 1. University of Strathclyde, 16 Richmond Street, Glasgow, G1 1XQ, United Kingdom;2. University of Dundee, 3 Perth Road, Dundee, DD1 3BH, United Kingdom;1. Birmingham-Southern College, 900 Arkadelphia Road, Box 549007, Birmingham, AL 35254, USA;2. Chongqing Technology and Business University, No.19 Xuefu Ave, Nan''an District, Chongqing, China;3. Southern Illinois University-Carbondale, USA;4. Duke University, USA;1. University of Missouri-St. Louis, College of Business Administration, 1 University Blvd, St. Louis, MO 63121, USA;2. California State University, Long Beach, College of Business Administration, 1250 Bellflower Blvd, Long Beach, CA 90840, USA;3. Texas Tech University, Rawls College of Business, 703 Flint Ave, Lubbock, TX 79409, USA;1. Carnegie Mellon University, Qatar;2. University of Bologna, Strada Maggiore 45, Bologna 40125, Italy |
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| Abstract: | This paper shows that communication of economic news varies across newspapers in the United Kingdom. We develop new time series of economic news tonality using a unique dataset of policy influenced articles published in major UK newspapers. We show that the volume and tonality of news respond to current economic conditions. For example, the nature of news changes around events of economic uncertainty such as the global financial crisis and the post-EU referendum periods. We also provide illustrative evidence that communication differs across newspaper formats. Tabloids, as opposed to quality newspapers, tend to express news more negatively, and mostly report policy-related news during periods of economic stress. The integral importance of these results is illustrated by news reaction curves showing a strong positive relationship mostly lasting three months between consumer sentiments and news. |
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