We propose a new model in which relationship-specific supply and demand shocks are non-parametrically identified in bipartite data under mild assumptions. For example, separate heterogeneous supply shocks are identified for each firm to which a bank lends. We show that a simple estimator is...

Analysis on Flow and Stock Variables in the Economic System -- Basic Concepts of Aggregate Supply and Aggregate Demand -- Formation Processes of the Aggregate Demand and Aggregate Supply Function -- The Formation Processes of the Aggregate Supply and Aggregate Supply Function.

This paper quantifies global demand, supply and uncertainty shocks and compares two major global recessions: the 2008-09 Great Recession and the COVID-19 pandemic. We use two alternate approaches to decompose economic shocks: text mining techniques on earning call transcripts and a structural...

It depends. We reply to this question by providing novel empirical evidence about the US economy. We identify the impact of financial high-frequency shocks on macroeconomic variables by estimating mixed- and common frequency VARs. The results from the mixed-frequency VAR show that economic...