Simulating Macroeconomic Expectations in Survey Experiments with LLM-based Economic Agents

We introduce a framework for simulating macroeconomic expectations in survey experiments using LLM-based economic agents (LLM Agents). We construct LLM Agents equipped with several functional modules that retrieve personal characteristics, prior expectations, and dynamic external information. We validate our framework by recapitulating three representative survey designs covering various expectations across different types of respondents.