Make a new file with about 400 by 400pixels dimensions and a white background, then using the type tool type some large black text. I used Kerfuffle font with 180pts size. Feel free to use your own font, however try picking some thick one. After you're done Rasterize your text font.
With your text font active click on the new layer icon to make a new layer just above your text layer. Make sure your new layer is above your text layer and then choose Layer>Layer Properties... ,enter "Shadows" for the layer name and click OK. With your "Shadows" layer still active Ctrl+click (Mac: Command+Click) on your Text layer to make a selection. After you made the selection go to Select>Modify>Contract and enter 5 for the value, then click OK. This will reduce the selection by 5 pixels.
Press "D" and then "X" to make your foreground color white, and then press Ctrl+Delete (Mac: Command+Del) to fill your selection with white color. Ctrl+D (Mac: Command+D) to deselect the selection. Your picture should look like the one above with the new "Shadows" white layer above your original black Text layer.
With your "Shadows" layer still active go to Filter>Blur>Guassian Blur.. and enter 5.5 for the value (blur radius size may vary upon your text size)
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