Premiere Elements 13 on Windows 8.1 64 bit.
Have you updated your Premiere Elements 13 to 13.1 using an opened projects Help Menu/Updates? If not, please do so.
What type of microphone do you have? Classically, USB microphones do not work with the Premiere Elements (many versions) Narration Tool. However, there are scattered reports where the user claims to have used a certain brand of USB microphone successfully with Premiere Elements Narration Tool. Often the ReadMe files would mention this situation. Although I do not see that mention in the Premiere Elements 13 ReadMe, that does not mean that the problem does not still exist.
One workaround, if no alternative, is to create the narrations in a free program such as Audacity, and then import the narration (wav) saved to the computer hard drive into your Premiere Elements product with its Add Media/Files and Folders.
Please review and consider and give more details.