How media content influences economic expectations: Evidence from a global expert survey

This article sheds light on the impact of the media on economists' expectations for future economic developments. We conducted a worldwide economic expert survey and find that the media provides most economists with valuable information that influences their expectations. This applies significa...

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Bibliographic Details
Published inJournal of forecasting Vol. 42; no. 6; pp. 1295 - 1308
Main Authors Boumans, Dorine, Müller, Henrik, Sauer, Stefan
Format Journal Article
LanguageEnglish
Published Chichester Wiley Periodicals Inc 01.09.2023
Subjects
Developing countries
economic expectations
Economists
expert survey
LDCs
media
Polls & surveys
third‐person effect
Online AccessGet full text
ISSN0277-6693
1099-131X
DOI10.1002/for.2961

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Summary:This article sheds light on the impact of the media on economists' expectations for future economic developments. We conducted a worldwide economic expert survey and find that the media provides most economists with valuable information that influences their expectations. This applies significantly more for economists in countries with long standing democratic systems and developing countries with somewhat flawed democratic institutions than for economists in newer democracies and countries with authoritarian regimes. Moreover, the experts estimate the influence of the media remarkably higher on others than on themselves. This is consistent with the theory of the third‐person effect that says that an individual's behavior is influenced due to the belief that other people find certain issues important and act accordingly.
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ISSN:0277-6693
1099-131X
DOI:10.1002/for.2961