In this report, we use the textual analysis method to construct the pessimistic index from the Wall Street Journal database. We find the pessimistic index has a predictive content to the output growth rate and unemployment rate, and the innovation in pessimistic index has significant adverse effects on real economic activities.
|Effective start/end date||2017/08/01 → 2018/11/30|
- Textual Analysis
- Market Pessimistic Index
- Vector Autoregression
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