@article{RianoTrebbi2026,
  author    = {Ria\~no, Juan Felipe and Trebbi, Francesco},
  title     = {{Do Voters Punish Inflation or Pay Cuts? Inflation and Real Wages in U.S. Elections}},
  journal   = {Journal of Monetary Economics},
  publisher = {Elsevier},
  volume    = {164},
  pages     = {103977},
  year      = {2026},
  doi       = {10.1016/j.jmoneco.2026.103977},
  url       = {https://doi.org/10.1016/j.jmoneco.2026.103977},
  keywords  = {Inflation, Economic voting, Pocketbook voting, Real wages, Purchasing power}
}