New paper: Socioeconomic Status and Macroeconomic Expectations, with Sreyoshi Das and Camelia Kuhnen. We show that individuals of lower socioeconomic status (SES) have more pessimistic macroeconomic expectations. Helps explain, e.g., lower rates of stock market participation among low-SES individuals. The beliefs wedge between low- and high-SES individuals shrinks in recessions, consistent with a model in which low-SES individuals neglect good (macroeconomic) states of the world.