Only some firms pay attention to economic news – Bank of Canada paper

Attention is “polarised and counter-cyclical”, affecting policy impact, researchers find

Bank of Canada facade

There are important differences in the degree to which firms pay attention to economic news, research published by the Bank of Canada finds.

In the working paper, authors Wenting Song and Samuel Stern build a text-based measure of firm attention. They use a database of filings by US firms to the Securities and Exchange Commission, searching these documents for keywords related to macroeconomics.

Song and Stern find attention is “polarised” – firms either pay a lot of attention to economic news

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