Efectos de las noticias digitales en el GAP de expectativas de inflación: Primeras evidencias para una economía emergente

The objective of this paper is to investigate the effects of digital mass media on the formation of inflation expectations. In particular, this work evaluates the effects of digital news on the inflation expectation GAP between consumers and forecasting experts. For this purpose, the Colombian economy for the period 2010-2018 is used as a case study. The methodology involves evaluating the effects of inflation news provided by five representative digital newspapers on the expectation GAP. Through econometric regressions, it is found that greater exposure of consumers to mass media. such as digital newspapers, becomes a useful information source for their inflation expectations formation process. Specifically, news with a negative tone exerts greater uncertainty and amplifies the GAP, a positive tone improves forecasts, while neutral-tone news tends to widen the gap.