Working papers:

Attention to the Macroeconomy, with Sebastian Link, Andreas Peichl, Oliver Pfäuti and Chris Roth, March 2025, revision requested at the Quarterly Journal of Economics. [CESifo Working Paper 10858]

Wage Expectations and Job Search, with Steffen Altmann, Robert Mahlstedt, Malte Rattenborg, Alexander Sebald and Sonja Settele, May 2025. NEW

Mental Models of the Stock Market, with Peter Andre and Philipp Schirmer, November 2024. [SSRN] [CESifo Working Paper 10691] Coverage: SAFE Finance Blog

The Effects of Monetary Policy: Theory with Measured Expectations, with Chris Roth and Mirko Wiederholt, July 2023. [CESifo Working Paper No. 10216] [CEPR Discussion Paper DP16710]

Recent Advances in Studies of News Consumption, with Francesco Capozza, Ingar Haaland and Chris Roth, October 2022, superceding an earlier draft titled "Studying Information Acquisition in the Field: A Practical Guide and Review".

Main publications:

Understanding Economic Behavior Using Open-ended Survey Data, with Ingar Haaland, Chris Roth, and Stefanie Stantcheva, April 2025, accepted at the Journal of Economic Literature. [NBER Working Paper 32421]

Home Price Expectations and Spending: Evidence from a Field Experiment, with Felix Chopra and Chris Roth, December 2024, accepted at the American Economic Review. [CESifo Working Paper No. 10450]

Narratives About the Macroeconomy, with Peter Andre, Ingar Haaland, Chris Roth and Mirko Wiederholt, January 2025, accepted at the Review of Economic Studies. [CEPR Discussion Paper DP17305] Coverage: FASZ, Spiegel Online [1}, Spiegel Online [2}, VOXEU

Beliefs About the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment, with Christine Laudenbach, Rüdiger Weber and Annika Weber, January 2024, forthcoming at the Review of Financial Studies. [CESifo Working Paper No. 9427] Vernon L. Smith Young Talent Award in Experimental Finance, Society for Experimental Finance.

Uncertainty and Information Acquisition: Evidence from Firms and Households, with Heiner Mikosch, Chris Roth and Samad Sarferaz, American Economic Journal: Macroeconomics, Vol. 16(2), April 2024, p. 374-405. [Ungated] 

Information Frictions Among Firms and Households, with Sebastian Link, Andreas Peichl and Chris Roth, Journal of Monetary Economics, Vol. 135, April 2023, p. 99-115. [SSRN] [CESifo Working Paper 8969]

Designing Information Provision Experiments, with Ingar Haaland and Chris Roth, Journal of Economic Literature, Vol. 61(1), March 2023, p. 3-40. [Ungated] [CESifo Working Paper No. 8406] Coverage: World Bank Blog

Subjective Models of the Macroeconomy: Evidence from Experts and Representative Samples, with Peter Andre, Carlo Pizzinelli and Chris Roth, Review of Economic Studies, Vol. 89(6), November 2022, p. 2958-2991, featured article. [Ungated] [SSRN] [CESifo Working Paper No. 7850] [Experimental Instructions] Coverage: IMF Finance & Development, NY Times

Beliefs About Public Debt and the Demand for Government Spending, with Chris Roth and Sonja Settele, Journal of Econometrics, Vol. 231(1), November 2022, p. 165-187. [SSRN] [CESifo Working Paper No. 8087] [Experimental Instructions]

Risk Exposure and Acquisition of Macroeconomic Information, with Chris Roth and Sonja Settele, American Economic Review: Insights, Vol. 4(1), March 2022, p. 34-53. [SSRN] [CESifo Working Paper No. 8634]

The Trading Response of Individual Investors to Local Bankruptcies, with Christine Laudenbach, Benjamin Loos and Jenny Pirschel, Journal of Financial Economics, Vol. 142(2), November 2021, p. 928-953. [SSRN ] [CESifo Working Paper No. 8191]

Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations, with Tobin Hanspal and Annika Weber, Review of Economics and Statistics, Vol 103(5), November 2021, p. 994-1010. Previously circulated as "Income and Wealth Shocks and Expectations during the COVID-19 Pandemic". [SSRN] [CESifo Working Paper No. 8244] [CEPR Covid Economics Issue 23]

Expectation Formation in a New Environment: Evidence from the German Reunification, with Olga Goldfayn-Frank, Journal of Monetary Economics, Vol. 115, November 2020, p. 301-320. [SSRN] [IMFS Working Paper No. 129] [Online Appendix]

How Do Expectations About the Macroeconomy Affect Personal Expectations and Behavior?, with Chris Roth, Review of Economics and Statistics, Vol. 102(4), October 2020, p.731-748. [SSRN] [CESifo Working Paper No. 7154] [Online Appendix] [Experimental Instructions] Reinhard Selten Award, German Economic Association. Coverage: FAZIT

Experienced Inequality and Preferences for Redistribution, with Chris Roth, Journal of Public Economics, Vol. 167, November 2018, p. 251-262. [SSRN] [CESifo Working Paper No. 6251] Coverage: NY Times

Relative Concerns for Consumption at the Top: An Intertemporal Analysis for the UK, with Climent Quintana-Domeque, Journal of Economic Behavior and Organization, Vol. 129, September 2016, p. 172-194.

Other publications:

Information Experiments, with Ingar Haaland, Julian König and Chris Roth, January 2024, prepared for the Encyclopedia of Experimental Social Science.

Makroökonomische Erwartungen und ihre Rolle in wirtschaftlichen Entscheidungen von Haushalten, with Chris Roth, Perspektiven der Wirtschaftspolitik, Vol. 20 (2), June 2019, pp. 159-166.

Resources:

Course materials for the PhD course on Subjective Beliefs, Attention and Economic Behavior that Felix Chopra, Ingar Haaland, Chris Roth, Sonja Settele  and I organized in March 2023.

Course materials for the PhD course on Subjective Beliefs in Macroeconomics and Household Finance that Chris Roth  and I organized in April 2021, including lectures by Yueran Ma, Michael McMahon, Florian Zimmermann and us.