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Experts as Intermediaries

Author

Listed:
  • Klaus Gründler
  • Michael Lamla
  • Niklas Potrafke

  • Timo Wochner

Abstract

Households often struggle to understand policy interventions, limiting the effectiveness of policy transmission. We study how economic policy signals reach and influence households, focusing on the role of professional economists as interpretive intermediaries. When policy signals are complex and households face attentional limits, experts help filter and explain the information. Using a series of large-scale cross-national expert surveys and representative household experiments in Germany during the 2022–23 inflation surge, we show that (i) experts actively update and interpret monetary policy signals, (ii) their policy interpretations influence household expectations and spending decisions, and (iii) households prefer expert interpretations over direct communication from policymakers. Our findings highlight a previously overlooked transmission channel, suggesting that expert intermediation can substantially enhance the effectiveness of macroeconomic policy communication.

Suggested Citation

  • Klaus Gründler & Michael Lamla & Niklas Potrafke & Timo Wochner, 2026. "Experts as Intermediaries," CESifo Working Paper Series 12492, CESifo.
    • Handle: RePEc:ces:ceswps:_12492
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • 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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