Replication data for: How Big is the Media Multiplier? Evidence from Dyadic News Data

This paper estimates the size of the media multiplier, an easily generalizable model- based measure of how far media coverage magnifies the economic response to shocks. We combine monthly aggregated and anonymized credit card activity data from 114 card issuing countries in 5 destination countries with a large corpus of news cov- erage in issuing countries reporting on violent events in the destinations. To de- fine and quantify the media multiplier we estimate a model in which latent beliefs, shaped by either events or news coverage, drive card activity. According to the model, media coverage can more than triple the economic impact of an event. We document, through our model, that this effect is highly heterogenous and depends on the broader media representation of countries in each others news. We speculate about the role of the media in driving international travel patterns an.本研究估算了媒体乘数（Media Multiplier）的规模——这是一项易于推广的基于模型的量化指标，用于衡量媒体报道对冲击所引发的经济响应的放大程度。我们将5个目的地国的114个信用卡发卡国所提供的月度汇总匿名化信用卡交易数据，与各发卡国报道目的地国暴力事件的海量新闻报道语料库进行结合。为定义并量化媒体乘数，我们构建并估计了一个模型：由事件或新闻报道塑造的潜在信念会驱动信用卡交易行为。根据该模型，媒体报道可将单一事件的经济影响扩大至三倍以上。通过该模型我们实证发现，这一效应具有显著异质性，且取决于各国在彼此新闻报道中的整体媒体呈现。我们就媒体在塑造国际旅行格局中的作用展开了推测。