Inattention and the impact of monetary policy
构建了一个衡量经济主体注意力不集中程度的指标，发现美国专业预测者平均每5个月更新一次信息，且在高通胀、高失业、市场波动和政策不确定性时更新更频繁；货币政策冲击在注意力不集中程度更高时对实体经济影响更大。
Summary We measure aggregate inattention as the common component in agents' inattentiveness to many economic variables. Applying this measure to the US Survey of Professional Forecasters enables us to establish the following empirical evidence. Professional forecasters update their information sets every 5 months on average but do so more frequently in response to high inflation and unemployment, as well as rising market volatility and policy uncertainty. Monetary policy shocks have larger real effects when the degree of inattention is higher. To explain our empirical findings, we propose a general equilibrium model with state‐dependent information rigidity in both the production and household sectors.