Using firm-level survey data from Germany, this paper asks how do supply constraints propagate monetary policy shocks …? To answer this question, we first offer a general discussion on the measurement of supply constraints. We show that … capacity utilization, a widely accepted measure of bottlenecks and slack, is only an imperfect measure for supply constraints …

Using unique firm-level survey data from Germany, this paper investigates two measures of supply constraints: a new …. We document substantial heterogeneity in supply constraints both across and particularly within industries and show that … of the presence of material constraints at the firm-level. We then ask how supply constraints propagate monetary policy …

the difference between the number of homes that would be built in the absence of supply constraints and the actual number … trends prevailed today, even though historical trends were also affected by supply constraints. We are the first to use a …

the difference between the number of homes that would be built in the absence of supply constraints and the actual number … trends prevailed today, even though historical trends were also affected by supply constraints. We are the first to use a …

Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in the euro area …-2022, but given the Omicron wave, disruptions will last for longer, possibly into 2023. With supply constraints adding to …

Using unique firm-level survey data from Germany, this paper investigates two measures of supply constraints: a new …. We document substantial heterogeneity in supply constraints both across and particularly within industries and show that … of the presence of material constraints at the firm-level. We then ask how supply constraints propagate monetary policy …