This paper provides direct evidence of the importance of firm attention to macro-economic dynamics. We construct a text-based measure of firm attention to macro-economic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses...

This paper provides direct evidence of the importance of firm attention to macro-economic dynamics. We construct a text-based measure of firm attention to macro-economic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses...

This paper provides direct evidence of the importance of firm attention to macroeconomic dynamics. We construct a text-based measure of firm attention to macroeconomic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses to...