We use a narrative approach to study the effects of protests on agents’ expectations. The “protest shocks” in the case of our study arose from Chile's student demonstrations. The demonstrations, led by university and secondary students, raised demands related to greater involvement of the state in the funding, provision, and regulation of the education sector. We find a negative response in relation to both the consumer confidence index and the business confidence index in the face of those demonstrations. The negative effect of the protests on the consumer confidence index lasted, on average, six months after the demonstrations. The impact of the protests on the business confidence index was more limited, although still negative and statistically significant.

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抗议对特工期望的影响：智利学生示威的证据

我们使用叙事方法来研究抗议对特工期望的影响。在我们的研究中，“抗议震撼”源自智利的学生示威活动。由大学生和中学生领导的示威游行提出了与国家更多地参与教育部门的资金，提供和监管有关的要求。面对这些示威活动，我们发现消费者信心指数和商业信心指数均受到负面回应。抗议活动平均在示威活动后六个月持续了对消费者信心指数的负面影响。抗议活动对企业信心指数的影响较为有限，尽管仍然是负面的，并且具有统计意义。