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Empirical Microeconomics | Political Economy | Media Economics

Marcel Garz

Jönköping University

Marcel Garz


I am an associate professor of economics at Jönköping University. 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.



Jönköping International Business School, Office B5015, Gjuterigatan 5, 55318 Jönköping, Sweden

+46 36 10 1782

Working Papers


Cartels in the European Union, Antitrust Action, and Public Attention

With Sabrina Maaß. Journal of Economic Behavior & Organization, 186: 533-547, 2021 (online appendix; working paper versionreplication data and code).

Partisan Selective Engagement: Evidence from Facebook

With Jil Sörensen and Daniel Stone. Journal of Economic Behavior & Organization, 177: 91-108, 2020 (online appendix; working paper versionreplication data and code).

The Supply of Media Slant Across Outlets and Demand for Slant Within Outlets: Evidence from US Presidential Campaign News

With Gaurav Sood, Daniel Stone, and Justin Wallace, 2020. Forthcoming in European Journal of Political Economy (working paper version; replication data and code).

Cautionary Tales: Celebrities, the News Media, and Participation in Tax Amnesties

With Verena Pagels. Journal of Economic Behavior & Organization, 155: 288-300, 2018 (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.


Social media algorithms and news diversity

Content selection algorithms of social media platforms have a reputation for creating filter bubbles, where users are primarily exposed to politically like-minded information. In a new paperFerenc Szucs and I take a supply-side perspective: We investigate the role of Facebook’s news feed algorithm for content created by media companies. Specifically, we evaluate the effects of two major changes in the algorithm on the political bias of stories posted by German news outlets. In December 2013 and August 2014, Facebook publicly announced measures designed to boost the dissemination of quality news stories. Using a differences-in-differences strategy, our results indicate greater levels of within-outlet ideological diversity of news posted on Facebook after the second algorithm update, relative to the print coverage. The effect can be explained largely explained by a shift of the outlets towards more news and less trivia, which reduced deviations from the distribution of ideologically relevant expressions used in their print editions. Posted: Feb. 8, 2021

Media influence on vote choices

In a recent study, Greg Martin and I investigate how news about the economy influences voting decisions. We isolate the effect of the information environment from the effect of change in the underlying economic conditions themselves, by taking advantage of left-digit bias. We show that unemployment figures crossing a round-number “milestone” causes a discontinuous increase in the amount of media coverage devoted to unemployment conditions, and use this discontinuity to estimate the effect of attention to unemployment news on voting, holding constant the actual economic conditions on the ground. Milestone effects on incumbent US Governor vote shares are large and notably asymmetric: bad milestone events hurt roughly twice as much as good milestone events help. Posted: Aug. 03, 2020

Funding for project on Swedish newspaper markets

The Swedish Competition Authority has approved funding in the amount of approx. 180,000 euro for a project of mine entitled “Media Competition and Media Slant in Swedish Newspapers” (with Jonna Rickardsson). The project investigates how competition in local media markets affects the diversity of opinions in newspaper coverage. Specially, we (1) construct an index of ideological slant, (2) investigate which motives of media owners drive the slant, and (3) estimate the causal effect of competition on slant. The results aim to inform the debate on media regulation, with a focus on press subsidies and the measurement of media concentration. Posted: Oct. 03, 2019

4th Economics of Media Bias Workshop

After a successful start of the series in June 2015, the fourth Economics of Media Bias Workshop will take place on February 21-22, 2019, in Berlin, Germany. Eliana La Ferrara (Bocconi University) will deliver the keynote speech. The workshop, which is organized by my colleagues and me, addresses the forms, causes, and consequences of media bias, especially in news markets. The program can be downloaded here. Posted: Dec. 04, 2018 (updated: Feb. 12, 2019)

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