We present evidence of inelastic demand for risky sovereign bonds and explore its implications for optimal government debt policies. Using monthly changes in the composition of a major international bond index, we identify flow shocks unrelated to fundamentals that shift the available bond...

This paper introduces a panel GMM framework for identifying and estimating demand elasticities via heteroscedasticity. While existing panel estimators address the simultaneity problem, the state-ofthe-art Feenstra/Soderbery (F/S) estimator suffers from inconsistency, inefficiency, and lacks a...

We estimate local housing supply elasticities for 325 local authorities and 6,788 census tract areas in England. We examine how housing supply responds to price changes across small areas and how this varies according to a rich set of geographic and policy constraints. Our central estimate for...