一、主题：Narrative Consumer Sentiment

二、汇报人：王月洁2022级金融学硕博连读生

三、时间地点：2024年4月10日14:00，学院3号楼224

四、摘要：This paper constructs a consumer sentiment using over one million narrative articles. Our constructed Narrative Consumer Sentiment can positively forecast future inflation growth both in-sample and out-of-sample, which performs especially well in the Great Recession and latest inflation surge. Narrative Consumer Sentiment provides incremental information beyond existing sentiment and economic variables. We also find Narrative Consumer Sentiment helps to shape the inflation expectations, and exhibits greater forecasting ability when consumers’ attention to inflation is higher. These findings support the rational expectations models of information frictions.

撰稿：王月洁

初审：位锦

终审：魏旭