What Is Narrative Economics: How Stories Move Markets

What has been corrected on this page?

Every accepted correction to this page is recorded with the exact change, so readers can see how the page improved over time.

1. 28 July 2026 · corrected by Emir Baycan

   Corrected four mis-cited or unverifiable studies and softened two overstated causal claims: re-attributed the Bitcoin-sentiment finding to Catania, Grassi, and Ravazzolo's cryptocurrency-forecasting work (International Journal of Forecasting, 2019) rather than a Journal of Financial Econometrics study;

   generalized an unverifiable Deutsche Bundesbank (Paule-Paludkiewicz 2022) four-week consumer-confidence prediction to the broader central-bank/academic literature; recast an unverifiable 2021 Hurst-Keys Journal of Economic Literature review as a common assessment among economists;

   corrected the Shiller narrative-economics quantitative evidence to his own single-authored work (2017 AEA presidential address and NBER papers) rather than a 2020 Journal of Economic Perspectives co-authored paper; softened the mono-causal 'it was a narrative' claim about the Great Depression to acknowledge monetary, banking, and policy failures;

   and reframed the GameStop episode as narrative dynamics combined with short-squeeze and options mechanics.

   What the page claimed

   The article cited a Catania-Grassi 2019 Journal of Financial Econometrics study, a Bundesbank Paule-Paludkiewicz 2022 four-week prediction, a Hurst-Keys 2021 JEL review, and a Shiller-and-colleagues 2020 JEP paper, and claimed narratives alone explained the Great Depression and GameStop.

   What was corrected

   Fixed the citations to the correct authors, journals, and study designs, and qualified the causal claims to acknowledge non-narrative factors.

   Why: Several citations named the wrong journal, authorship, or a study that could not be verified, and two causal claims were mono-causal. Corrections fix the citations and scope the claims rather than adding new sources.

   View the full record →

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