Research On The Measurement Of Economic Attention And Its Influence Mechanism On Output And Inflation

The word “attention” mainly refers to managers of selective attention to some information and ignore the other part.This means selecting a part of the information and giving up the rest of the information when we make decisions about a particular event in the practical work.The process of selection and giving up will cause different results and expectations,which lead things to go in different directions if the attention configurations are different from our focused works.From the perspective of macroeconomic "attention",this paper measures the "attention" allocated by the government to economic work and explains the relationship between it and China’s economic development.By constructing indexes that can reflect the government’s attention to economic work in different periods,this paper monitors the change in the government’s focus on economic work,and analysis the impact on our national actual output and inflation when the “attention” has changed.First of all,this paper determines the keywords of economic "attention" through text analysis,and constructs the semantic graph of the network on this basis,thus reflecting the change in the government’s focus on the topic of economic work.On this basis,constructing the economic attention index,and then using the time difference correlation analysis method and Granger causality studies the relationship between the economic attention index and output and inflation.The empirical results of this paper show that:(1)Through the qualitative analysis of the changes in government’s focus on economic work by semantic network diagram,it is found that the changes of economic words in the core layer of the semantic network diagram are quite consistent with the changes of actual output in China.(2)Under the condition of a stable economic environment at home and abroad,the government’s increased attention to the economy will lead to increased output,however,when there are unstable factors at home and abroad,such as Sino-US trade friction and the impact of the epidemic,the government’s increased attention to the economy will lead to a decline in output.(3)The increase in the government’s attention to the economy will directly lead to an increase in the inflation level.That is,when the government pays more attention to the domestic economic development in a certain period,it is easy to cause the economic phenomenon to overheat in this period,thus causing the price level to rise.And higher inflation,in turn,will prompt the government to pay more attention to the economy,creating a chain reaction.In short,we should be fully aware of the different distribution of government "attention" in economic work,which has a direct impact on the actual economic development of our country.At the same time,to better promote China’s economic development,when the government pays too much attention to the economy in a certain period,it should pay attention to the possibility of inflation to a certain extent,The lag between economic concern and actual output should also be taken into account.