研究期間：10108~10207;In the news-driven business cycles literature, the canonical setup of news shocks to productivity assumes that such shocks are purely supply-side. In this research, we propose an alternative information structure of such news shocks. We allow news shocks to productivity play a role both at the supply-side and the demand-side, but with different timing. There are two objectives to achieve in this research. First, we try to understand whether our model can resolve the comovement problem or at least mitigate it. Second, we quantify the extent to which the macroeconomic fluctuation has been determined by the news shocks in productivity or any other sources of news shock identified. To achieve these goals, simulation and Bayesian estimation are required.