Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We document a strong similarity in the macroeconomic effects of consumption-specific and investment specific TFP news shocks. This co-linearity suggests a diffusion channel of technological innovations from the investment to the consumption sector that forecast future changes in aggregate TFP. This finding connects two views of the literature on news shocks: aggregate TFP news and investment specific news.