Attention to Data Plays Key Role in Macroeconomic Analyses, Research Suggests
In a groundbreaking study published in the Humanities and Social Sciences Communications journal, researchers from Bar-Ilan University and the Hebrew University of Jerusalem have proposed an innovative metric for measuring public attention in an economic context. The metric is based on individual reports of unidentified aerial phenomena (UAP), or UFO sightings.
The study, led by Dr. Nathan Goldstein and Dr. Ohad Raveh, analyzed over 20 years of UFO sightings in the United States and discovered a significant link between these reports and macroeconomic conditions at the county, state, and national levels.
The researchers found that reports of UAP sightings were more common in wealthier regions, but a counter-cyclical trend was observed within those regions. The fluctuations in attention to extraordinary phenomena in the skies reflect broader patterns of changes in public attention.
The study suggests that the reporting of UFO sightings serves as an indirect but effective indicator of public attention to unusual events, and that these reports are linked to economic conditions. The researchers found that wealthier areas report more UFO sightings, while reports increase during economic recessions within specific regions.
The study also found that the COVID-19 pandemic led to a significant rise in UFO reports, suggesting that when daily pressures ease, public attention shifts more towards extraordinary events.
The research has practical implications for public attention measurement, geographic economic variability, monetary policy planning, and attention during economic downturns and COVID-19 effects. The study’s findings could be used to better understand how attention shifts based on economic circumstances and to predict regional responses to monetary policy decisions.
The proposed UAP metric could serve as a complementary tool for policymakers, helping to gauge public attention and its impact on economic decisions. The research presents an innovative approach to evaluating and measuring public attention in an economic context, offering new insights into the complex relationship between attention and economic activity.