Lemon Cycles

The authors thank Kosuke Aoki, Jess Benhabib, Nico Caramp, Wei Cui, Maryam Farboodi, Masao Fukui, Laura Liu, Wenlan Luo, Pedro Gomis Porqueras, Xue Qiao, Ji Shen, Michael Zheng Song, Pengfei Wang, Basil Williams, Haotian Xiang, Zhiwei Xu, Mengbo Zhang, Shengxing Zhang, as well as seminar participants at VEAMS-Virtual East Asia Macroeconomics Seminar, China International Conference in Macroeconomics, Guanghua School of Management at Peking University, and School of Economics at Renmin University of China. The authors thank Haoning Sun and Jihang Zhou for excellent research assistance.