Facial expressions and the business cycle: assessing the information content of communicated emotions
Abstract:This paper is the first to consider the link between information conveyed by the facial expressions of a range of economic actors and economic activity. A collection of photographs is used to construct indicators of emotions communicated by the facial expressions. The indicators correspond to the US economy for the period 1996-2018. Significant links between the level of economic activity and indices of emotional states are observed. Beyond contemporaneous associations, the indicators are shown to anticipate business cycle dynamics. Indices summarizing emotions linked to policy making and the stock market contain more information than indicators linked to corporations.
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| Main Authors: | , |
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| Format: | Artículo biblioteca |
| Language: | eng |
| Published: |
Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi
2020
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| Subjects: | INDICADORES ECONOMICOS, EXPRESIONES FACIALES, CICLOS ECONOMICOS, EMOCIONES, |
| Online Access: | https://repositorio.uca.edu.ar/handle/123456789/11082 |
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| Summary: | Abstract:This paper is the first to consider the link between information conveyed by the facial expressions
of a range of economic actors and economic activity. A collection of photographs is used to
construct indicators of emotions communicated by the facial expressions. The indicators
correspond to the US economy for the period 1996-2018. Significant links between the level of
economic activity and indices of emotional states are observed. Beyond contemporaneous
associations, the indicators are shown to anticipate business cycle dynamics. Indices summarizing
emotions linked to policy making and the stock market contain more information than indicators
linked to corporations. |
|---|