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Popular Economic Narratives Advancing the Longest U.S. Economic Expansion 2009-2019

Author

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  • Robert J. Shiller

Abstract

The U.S. economic expansion since 2009 is the longest on record since 1854, according to the National Bureau of Economic Research Business Cycle Dating Committee. This paper seeks to understand this phenomenon better by looking at the time paths of popular narratives over this interval, of stories that people have been telling that offer clues into their economic behavior. Six constellations of narratives are studied, identified by keywords “Great Depression,” “secular stagnation,” “sustainability,” “housing bubble,” “strong economy,” and “save more.”

Suggested Citation

  • Robert J. Shiller, 2020. "Popular Economic Narratives Advancing the Longest U.S. Economic Expansion 2009-2019," NBER Working Papers 26857, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:26857
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    Cited by:

    1. Kumar, Anand & Priya, Bhawna & Srivastava, Samir K., 2021. "Response to the COVID-19: Understanding implications of government lockdown policies," Journal of Policy Modeling, Elsevier, vol. 43(1), pages 76-94.
    2. Sergey Tsygankov & Vadim Syropyatov & Vyacheslav Volchik, 2021. "Institutional Governance of Innovations: Novel Insights of Leadership in Russian Public Procurement," Economies, MDPI, vol. 9(4), pages 1-16, December.
    3. Vyacheslav V. Volchik & Maksim A. Koryttsev & Elena V. Maslyukova, 2020. "Alternatives to managerialism in higher education and science," Upravlenets, Ural State University of Economics, vol. 11(6), pages 44-56, December.
    4. Kai Barron & Tilman Fries, 2023. "Narrative Persuasion," Rationality and Competition Discussion Paper Series 469, CRC TRR 190 Rationality and Competition.
    5. Daniel Perico Ortiz, 2023. "Economic policy statements, social media, and stock market uncertainty: An analysis of Donald Trump’s tweets," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(2), pages 333-367, June.
    6. Waldhof, Gabi & Fritsche, Ulrich, 2023. "Understanding moral narratives as drivers of polarization about genetically engineered crops," WiSo-HH Working Paper Series 78, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    7. Daniel Borup & Jorge Wolfgang Hansen & Benjamin Dybro Liengaard & Erik Christian Montes Schütte, 2023. "Quantifying investor narratives and their role during COVID‐19," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(4), pages 512-532, June.

    More about this item

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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