Cited by 1,004Monetary Policy and Economic ImpactEconomic theories and modelsEconomic Theory and Policy

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Narrative Economics

Shiller, Robert J.·2017·American Economic Review

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Abstract

This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities to deeply felt values and needs. Narratives “go viral” and spread far, even worldwide, with economic impact. The 1920–1921 Depression, the Great Depression of the 1930s, the so-called Great Recession of 2007–2009, and the contentious political-economic situation of today are considered as the results of the popular narratives of their respective times. Though these narratives are deeply human phenomena that are difficult to study in a scientific manner, quantitative analysis may help us gain a better understanding of these epidemics in the future. (JEL D72, E32, G01, N10)

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Authors: Shiller, R. J.
Affiliations: Yale University (US)
Corresponding author: Shiller, Robert J.
ORCID: Shiller, Robert J.
Venue: American Economic Review
Publisher: American Economic Association
Published: 2017-04-01
Volume: 107
Issue: 4
Pages: 967-1004
ISSN: 0002-8282 (ISSN-L)
DOI: 10.1257/aer.107.4.967
OpenAlex: W4233731957
Cited by: 1,004
References: 60
Citations by year: 2026: 185 · 2025: 148 · 2024: 112 · 2023: 118 · 2022: 110 · 2021: 140 · 2020: 84 · 2019: 51 · 2018: 35 · 2017: 18
FWCI: 120.79
Type: journal article
Language: en
Open access: closed
Locations: American Economic Review (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Topics: Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
Keywords: narrative economics, economic narratives, business cycles, Great Depression, Great Recession, behavioral economics, economic psychology, political economy

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Narrative Economics

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