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 … measure economic narratives in open-ended survey responses and represent them as Directed Acyclic Graphs. Households …' narratives are strongly heterogeneous, coarser than experts' narratives, focus more on the supply side than on the demand side …

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 represent … experts and document three main findings. First, households' narratives are strongly heterogeneous and coarser than experts …

We provide evidence on narratives about the macroeconomy-the stories people tell to explain macroeconomic phenomena … measure economic narratives in open-ended survey responses and represent them as Directed Acyclic Graphs. Households …' narratives are strongly heterogeneous, coarser than experts' narratives, focus more on the supply side than on the demand side …