We provide evidence on narratives about the macroeconomy-the stories people tell to explain macroeconomic phenomena …-in the context of a historic surge in inflation. We measure economic narratives in open-ended survey responses and represent … experts and document three main findings. First, households' narratives are strongly heterogeneous and coarser than experts …

of experts, U.S. households, and managers. We document substantial heterogeneity in narratives about the drivers of … experts. Moreover, narratives about the drivers of the inflation increase are strongly correlated with beliefs about its …

We provide evidence on narratives about the macroeconomy — the stories people tell to explain macroeconomic phenomena … — in the context of a historic surge in inflation. We measure economic narratives in open-ended survey responses and … experts. We document three main findings. First, compared to experts, households' narratives are coarser, focus less on the …

We provide evidence on narratives about the macroeconomy—the stories people tell to explain macroeconomic phenomena …—in the context of a historic surge in inflation. We measure economic narratives in open-ended survey responses and represent … experts and document three main findings. First, households' narratives are strongly heterogeneous and coarser than experts …

of experts, U.S. households, and managers. We document substantial heterogeneity in narratives about the drivers of … experts. Moreover, narratives about the drivers of the inflation increase are strongly correlated with beliefs about its …