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 …

this period. Tighter supply constraints – both short-run constraints due to disruption caused by climate change and …

this period. Tighter supply constraints - both short-run constraints due to disruption caused by climate change and …