Abstract
This study aims to understand dynamic agenda-building and agenda-setting processes between real-world indicators, public expectations (PEs), and aggregated news on the general economy and unemployment for the four most popular general news outlets in Germany from 2002 to 2011: two public service, a commercial news show, and a tabloid newspaper. Vector autoregression models and Granger causality tests reveal that (1) news tone (NT) relates to real-world indicators; (2) PEs for the general economy and unemployment are partly set by the tone of news on the general economy, especially during recession times; and (3) PEs can forecast the future real-world economy.
Keywords
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