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Abstract
This study extends the academic communitys understanding of the macroeconomic effects of advertising by examining the relationship between aggregate consumption and newspaper advertising expenditures. The study found three things: (1) aggregate consumption Granger-causes newspaper advertising expenditures; (2) changes to newspaper advertising expenditures and aggregate consumption are disproportionate; and (3) changes to newspaper advertising expenditures do not lag behind changes to aggregate consumption but rather occurs concurrently.