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Economics of Media | Political Economy

Marcel Garz

Hamburg Media School, Finkenau 35, 22081 Hamburg, Germany

Marcel Garz


I am a senior research scientist at Hamburg Media School, Germany, and a research fellow at the University of Hamburg’s Institute for Media Economics. Most of my work focuses on the economics of news markets, especially from an empirical perspective. I am particularly interested in issues with political implications, such as media slant and negativity. My research is often based on panel data and emphasizes the identification of causal effects.



Hamburg Media School, Office 224, Finkenau 35, 22081 Hamburg, Germany

+49 40 413468 34

Working Papers

What Drives Demand for Media Slant?

With Gaurav Sood, Daniel Stone, and Justin Wallace. July 2017.


Politicians under Investigation: The News Media’s Effect on the Likelihood of Resignation

With Jil Sörensen. Journal of Public Economics, 153: 82-91, 2017 (working paper versionreplication data and code).

The Online Market for Illegal Copies of Magazines: A German Case Study

With A. Rott and M. Wass von Czege. Journal of Broadcasting & Electronic Media, 59: 169–183, 2015.

Bad News Sells: The Demand for News Magazines and the Tone of Their Covers

With M. Arango-Kure and A. Rott. Journal of Media Economics, 27: 199–214, 2014.

Unemployment Expectations, Excessive Pessimism, and News Coverage

Journal of Economic Psychology, 34: 156–168, 2013.  

Job Insecurity Perceptions and Media Coverage of Labor Market Policy

Journal of Labor Research, 33: 528–544, 2012.


3rd Economics of Media Bias Workshop

After a successful start of the series in June 2015, the third Economics of Media Bias Workshop will take place on February 15-16, 2018, in Cologne, Germany. James M. Snyder, Jr. (Havard) and Ruben Durante (Sciences Po/Universitat Pompeu Fabra) are confirmed to deliver keynote speeches. The workshop, which is organized by my colleagues and me, addresses the forms, causes, and consequences of media bias, especially in news markets. The call for papers can be downloaded here. Posted: Sep. 05, 2017

Investigating the “Hoeneß effect”

In a new study, my co-author and I investigate whether press coverage on prominent tax evaders affects the behavior of ordinary tax payers. We compile an original data set for Germany, including regional information on the amount of tax payers using amnesty regulations to voluntarily disclose taxes they have evaded. The data set also includes counts of news reports published by 6 national and 54 local newspapers, addressing the tax issues of famous personalities who were publicly tried between January 2010 and June 2016. To identify the causal effect, we use exogenous variation in the reporting, resulting from disasters and terrorist attacks that coincide with the celebrity trials. Instrumental variable estimates suggest that an increase from no news coverage to the mean coverage raises participation in the tax amnesty program by approximately 32.3%. Posted: Sep. 1, 2017

Effects of Unemployment News on Economic Perceptions – Evidence from German Federal States

In a current working paper, I investigate whether news coverage about unemployment affects people’s perceptions of the state of the economy. I compile a German state-level data set, based on household surveys and information obtained from analyzing 35 newspapers. The data are used to separate media effects from real economic consequences, while exploiting two sources of exogenous variation. First, I consider psychologically important thresholds in the number of unemployed. The great news value of these “milestones”, which is not based on economic fundamentals, causes the media to report more about unemployment than usually. Second, I show that the amount of reports decreases when competing newsworthy events occur at the time of the release of the monthly unemployment statistics. Instrumental variable estimates indicate that a one standard deviation increase in coverage accounts for about a quarter of the average monthly change in the perception index. The findings help to understand (a) regional differences in economic sentiment and (b) incentives of politicians to manipulate economic statistics.

Posted: Nov. 16, 2016 (updated: Apr. 24, 2017)

Research Network obtains funding from the German Research Foundation (DFG)

My colleagues and I have been working on topics related to media bias for some time already. The German Research Foundation (DFG) recently agreed to support a proposal for an international, scientific network. The Research Network Economics of Media Bias promotes the discussion of ideas and work in the area, and it aims at integrating young researchers by connecting them with more experienced economists. As part of the network, it will be possible to continue the series of workshops “Economics of Media Bias”. Posted: Apr. 14, 2016

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