Attention Cycles

We thank Daron Acemoglu, Marios Angeletos, Gadi Barlevy, Martin Beraja, Ricardo Caballero, Larry Christiano, Ian Dew-Becker, Martin Eichenbaum, Xavier Gabaix, Cosmin Ilut, Alexandre Kohlhas, Chen Lian, Omar Licandro, Francesco Lippi, Jeremy Majerovitz, Stephen Morris, Giuseppe Moscarini, George Nikolakoudis, Kristoffer Nimark, Christina Patterson, Giorgio Primiceri, Richard Rogerson, Pari Sastry, Larry Schmidt, Niklas Schmitz, Chris Sims, Alp Simsek, Stephen Terry, Adrien Verdelhan, Gianluca Violante, Iván Werning, Christian Wolf, and seminar participants at the 2021 NBER Summer Institute, Northwestern, the Chicago Fed, the Minneapolis Fed, the ECB, Princeton, Stanford, Harvard, Wharton, Chicago Booth, Yale, Boston U., the 2022 Review of Economic Studies Tour (U. of Manchester, Central European U., PSE), National U. of Singapore, Zhejiang U., the IIES at Stockholm U., U.C. Berkeley, LSE, Cornell, the 2022 Econometric Society NASM, the Rome Workshop in Macroeconomics, the 2022 SED Conference, the China Star Tour, the MIT Macroeconomics Lunch, the MIT Theory Lunch, and the MIT Sloan Finance Lunch. First posted version: May 4, 2020. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.