debate: What are energy price shocks and where do they come from? How responsive is energy demand to changes in energy prices … energy price decreases do not seem to cause expansions? Why has there been a surge in gasoline prices in recent years? Why … differentiate between the effects of demand and supply shocks in energy markets, when answering these questions. …

This paper examines Norwegian gasoline pump prices using daily station-specific observations from March 2003 to March … theory (Maskin and Tirole, 1988), we demonstrate that Norwegian gasoline price cycles involve a form of coordinated behavior …. We also show that gasoline prices follow a fixed weekly pattern, with prices increasing significantly every Monday at …

This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple … model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets … their beliefs following a new demand shock, the younger they are. To test this learning mechanism, we make use of a specific …

improve quality is that providers will face higher demand if they improve their quality. We test this crucial assumption in an …

do not occur ceteris paribus. This makes it necessary to explicitly account for the demand and supply shocks underlying …

UK to (i) document these differences; (ii) estimate a demand system for food and nutrients, and (iii) simulate …

to the speculative demand for oil as well as shocks to the flow demand and flow supply. The forward-looking element of … find that this surge was caused by fluctuations in the flow demand for oil driven by the global business cycle. There is … evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including …

-shock specification, we identify, using sign restrictions, two non-policy shocks, demand and supply, and two policy shocks, monetary and … fiscal. We obtain the following results. (ii) Both supply and demand shocks are important sources of fluctuations; supply … prevails for GDP, while demand prevails for employment and inflation. (ii) Policy matters: Both monetary and fiscal policy …

When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least squares …