The Impact of Uncertainty Shocks under Measurement Error: A Proxy SVAR approach

A growing literature considers the impact of uncertainty using SVAR models that include proxies for uncertainty shocks as endogenous variables. In this paper we consider the impact of measurement error in these proxies on the estimated impulse responses. We show via a Monte-Carlo experiment that measurement error can result in attenuation bias in impulse responses. In contrast, the proxy SVAR that uses the uncertainty shock proxy as an instrument does not su¤er from this bias. Applying this latter method to the Bloom (2009) data-set results in impulse responses to uncertainty shocks that are larger in magnitude and more persistent than those obtained from a recursive SVAR.

Strategies of newsroom convergence: comparing UK and Chinese newspaper groups

This research examines media integration in China, choosing two Chinese newspaper groups as cases for comparative study. The study analyses the convergence strategies of these Chinese groups by reference to an Role Model of convergence developed from a literature review of studies of cases of media convergence in the UK – in particular the Guardian (GNM), Telegraph Media Group (TMG), the Daily Mail and the Times. UK cases serve to establish the characteristics, causes and consequences of different forms of convergence and formulate a model of convergence. The model will specify the levels of newsroom convergence and the sub-units of analysis which will be used to collect empirical data from Chinese News Organisations and compare their strategies, practices and results with the UK experience. The literature review shows that there is a need for more comparative studies of media convergence strategy in general, and particularly in relation to Chinese media. Therefore, the study will address a gap in the understanding of media convergence in China. For this reason, my innovations have three folds: Firstly, to develop a new and comprehensive model of media convergence and a detailed understanding of the reasons why media companies pursue differing strategies in managing convergence across a wide range of units of analysis. Secondly, this study tries to compare the multimedia strategies of media groups under radically different political systems. Since, there is no standard research method or systematic theoretical framework for the study of Newsroom Convergence, this study develops an integrated perspective. The research will use the triangulation analysis of textual, field observation and interviews to explain systematically what was the newsroom structure like in the past and how did the copy flow change and why. Finally, this case study of media groups can provide an industrial model or framework for the other media groups.