This study uses the Quadratic Almost Ideal Demand System to estimate food demand among Filipino households. Our study uses the recently released 2018 Family Income and Expenditure Survey and the Stone-Lewbel price index in the absence of price data on food groups. Results show that demand for...

Firms’ market power, measured by markups, has risen substantially and unequally across sectors. To evaluate the implications of these trends for monetary non-neutrality, we develop a quantitative menu cost model that covers multiple sectors with heterogeneous degrees of market competition. Two...

In many frictionless asset-pricing models, investor demand curves are virtually flat. Koijen and Yogo (2019), in contrast, estimate surprisingly inelastic demand. In this paper, we investigate the role of information in addressing this puzzle. In a noisy rational expectation equilibrium model,...

A growing body of literature has shown that innumerable discretionary choices of home buyers and sellers spread the effects of housing supply conditions throughout a metropolitan area. New units draw residents with higher incomes from the existing stock of housing, which leaves existing homes...

Motivated by a real-options framework in which managers learn about the unobservable characteristics of new production technologies from their recently installed assets and their stock price, we show that the corporate investment-to-stock price sensitivity rises with the time since a firm last...

I study battery electric vehicle (BEV) usage and ownership characteristics with fundamental implications for transportation’s electrification. Using data covering the entire BEV population in New York, I quantify BEV mileage, pollution damages, and environmental justice concerns that vehicle...