The Olympic Games as a news shock : macroeconomic implications / Viktoria C.E. Langer, Wolfgang Maennig, Felix Richter

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Maennig, Wolfgang | Richter, Felix | Langer, Viktoria C. E.

The awarding of the Olympic Games to a certain city or the announcement of a city’s Olympic bid may be considered as a news shock that affects agents’ market expectations. A news shock implies potential impacts on the dynamic adjustment process that change not only the volatility but also the long-run steady-state levels of endogenous economic variables. In this study, we contribute to and extend previous researchers’ attempts to empirically test for the Olympic Games as a news shock by implementing full structural models and by matching Olympic hosts and bidders to structurally similar countries.

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