Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We examine the relationship between social media advertising and macroeconomic expectations. We find evidence that social media advertising targeting results in heterogeneous exposure to sentiment and economic issues by demographic. In addition, we find evidence that social media advertising affects beliefs about the macroeconomy, particularly inflation expectations, although this result is driven by women between 35 and 44 years of age.