{"id":3613,"date":"2026-05-14T09:26:28","date_gmt":"2026-05-14T07:26:28","guid":{"rendered":"https:\/\/flex.uni-frankfurt.de\/?p=3613"},"modified":"2026-05-14T09:26:28","modified_gmt":"2026-05-14T07:26:28","slug":"narratives-about-the-macroeconomy","status":"publish","type":"post","link":"https:\/\/flex.uni-frankfurt.de\/index.php\/publications\/narratives-about-the-macroeconomy\/","title":{"rendered":"Narratives about the Macroeconomy"},"content":{"rendered":"<div class=\"custom-pagination-text-research-img\"><a href=\"https:\/\/doi.org\/10.1093\/restud\/rdag014\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3089\" src=\"https:\/\/flex.uni-frankfurt.de\/wp-content\/uploads\/2026\/05\/m_restud_93_1cover.jpeg\"\" width=\"193\" height=\"261\" \/><\/a><\/div>\n<div class=\"custom-pagination-text-research-content\">Peter Andre, Ingar Haaland, Christopher Roth, Mirko Wiederholt &#038; Johannes Wohlfart, 2026, <em><br \/>\nThe Review of Economic Studies, <\/em> [Published Online: 18 February, 2026] <em><br \/>\n<\/em><\/p>\n<div><\/div>\n<div class=\"custom-pagination-text-research-content\">\n<p><!--more Continue reading--><\/p>\n<div class=\"custom-pagination-text-research-content\"><a href=\"https:\/\/doi.org\/10.1093\/restud\/rdag014\">link to publication<\/a><\/div>\n<div class=\"custom-pagination-text-research-abstract\">Abstract:<br \/>\nWe study narratives about the macroeconomy\u2014the stories people tell to explain macroeconomic phenomena\u2014in the context of a historic surge in inflation. In our empirical analysis, we field surveys with more than 10,000 U.S. households and 100 academic experts, measure economic narratives in open-ended questions, and represent them as directed acyclic graphs. Households\u2019 narratives are strongly heterogeneous, coarser than experts\u2019 narratives, focus more on the supply than the demand side, and often feature politically charged explanations. Moreover, narratives shape how households form inflation expectations and interpret new information, which we demonstrate in a series of experiments. Informed by these findings, our theoretical analysis incorporates narratives into an otherwise conventional New Keynesian model and demonstrates their importance for aggregate outcomes through their effect on agents\u2019 expectations.\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-3613","post","type-post","status-publish","format-standard","hentry","category-publications"],"_links":{"self":[{"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/posts\/3613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/comments?post=3613"}],"version-history":[{"count":3,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/posts\/3613\/revisions"}],"predecessor-version":[{"id":3617,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/posts\/3613\/revisions\/3617"}],"wp:attachment":[{"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/media?parent=3613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/categories?post=3613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flex.uni-frankfurt.de\/index.php\/wp-json\/wp\/v2\/tags?post=3613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}