Economists typically are concerned with a price that equates supply and demand, but in many cases the price is below the market-clearing level and excess demand queued. Although it is sometimes difficult to measure excess demand in real market, we can infer excess demand when we have difficulty...

This paper examines the long-term and short-term causal relationships between steel consumption and economic activity in Korea between 1975 and 2008 using vector error correction and vector autoregression models. This study disaggregates steel products and steel-consuming industries because the...