Which model of communication is circular and treats the receiver's interpretation and response as part of a continuous exchange?

The Osgood–Schramm model is circular: each participant both encodes and decodes, so the response of the receiver forms part of the exchange. The Shannon–Weaver model is a linear transmission model that adds noise but, in its original form, has no feedback loop; Lasswell's and Aristotle's models are also one-way.