Fireside Chats: Communication and Consumers’ Expectations in the Great Depression
利用广播覆盖的地区差异，评估罗斯福1935年炉边谈话对耐用品消费的影响，发现高曝光城市消费显著增长，表明政策沟通能有效管理预期。
Abstract This paper shows how policy announcements can be used to manage expectations. Using regional variation in radio exposure, I evaluate the impact of FDR’s 1935 Fireside Chat, in which he showcased the introduction of important social policies, establishing a new expansionary cycle of the New Deal. I document that cities with higher exposure to the announcement exhibited a significant increase in spending on durable goods. The estimated effect is consistent with changes in expectations in line with the policies announced. This paper shows the power of communication as a policy tool.