NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Noisy Memory and Over-Reaction to News

Rava Azeredo da Silveira, Michael Woodford

NBER Working Paper No. 25478
Issued in January 2019

---- Acknowledgments ----

We thank Yeji Sung for research assistance, and Ben Hebert, David Laibson, Yueran Ma and Andrei Shleifer for helpful discussions. Azeredo da Silveira gratefully acknowledges research support from the CNRS through UMR 8550. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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