@TechReport{dp-743,
  author   = {Barro, Tjantana and Marencak, Michal and Nghiem, Giang},
  astring  = {Tjantana Barro, Michal Marencak, Giang Nghiem}
  title    = {The Green Transition and Households' Macroeconomic Expectations: A Survey Experiment},
  month    = {January},
  year     = {2026},
  pages    = {49},
  number   = {743},
  size     = {685},
  language = {en},
  keywords = {climate change, expectations, survey experiments, RCT.},
  jelclass = {C33, D84, E31, E52, Q4},
  abstract = {We provide causal evidence that the economic framing of a structural policy changes households' macroeconomic expectations. In a randomized survey experiment in the Bundesbank Online Panel of Households, all participants first read an identical neutral primer about climate policy measures and are then randomly assigned to receive no further text or an additional narrative interpreting the policy primarily as a negative demand or supply shock. Both narratives reduce expected growth. However, only the supply-shock framing raises inflation expectations, while the demand-shock framing does not reduce them-contrary to a simple demand-channel benchmark. These findings suggest that communication that makes different macro channels salient can materially shape expectations, with implications for economic policy communication during structural transitions.}
}