We constructed a model of natural inflation in the context of $alpha$-attractor supergravity, in which both the dilaton field and the axion field are light during inflation, and the inflaton may be a combination of the two. The T-model version of this theory is defined on the Poincare disk with radius |Z| = 1. It describes a Mexican hat potential with the flat axion direction corresponding to a circle of radius |Z| < 1. The axion decay constant $f_{a}$ in this theory can be exponentially large because of the hyperbolic geometry of the Poincare disk. Depending on initial conditions, this model may describe $alpha$-attractor inflation driven by the radial component of the inflaton field, natural inflation driven by the axion field, or a sequence of these two regimes. We also construct the E-model version of this theory, which has similar properties. In addition, we describe generalized $alpha$-attractor models where the potential can be singular at the boundary of the moduli space, and show that they can provide a simple solution for the problem of initial conditions for the models with plateau potentials.
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