Online First Review of Economic Studies Online 18 Feb 2026Narratives about the MacroeconomyPeter Andre · Ingar Haaland · Christopher Roth · Mirko Wiederholt · Johannes WohlfartThis paper investigates two related empirical questions in the context of the historic surge in US inflation in late 2021 and 2022: (1) What narratives—causal stories—do people invoke to explain why …