The study estimates the housing supply elasticity and the impact of geographic constraints in Germany from 2008-2019 using the Bartik instrument. The results show that the housing supply is, on average, inelastic, with a floorspace elasticity of 0.22 and a units elasticity of 0.25. The study...

This paper introduces a new way to calculate and represent graphically a large number of elasticities of demand and supply behaviors from a multidimensional perspective. The main objective of this paper is to represent a large number of elasticities of demand and supply that are interacting...

I estimate the impact of new housing supply on the local rent distribution, exploiting delays in housing completions caused by weather shocks during the construction phase. Increasing the flow of new supply by 1 percent lowers average rents by 0.2 percent, and increases disproportionately the...

Die Gewerbeimmobilienmärkte stehen angesichts der konjunkturellen Lage, aber auch angesichts struktureller Umbrüche vor großen Herausforderungen. Vor diesem Hintergrund wird in dem vorliegenden Report die Mietpreisentwicklung bei Einzelhandels- und Büroobjekten untersucht. Betrachtet wird...

The existing literature on price changes in the housing market between 2002 and 2010 has largely focused on temporary sources of demand—loosening and then tightening of credit markets or trend-following speculative activity. Using a new variable that quantifies the effect of inelastic supply...

This appendix to the paper Elliott, Golub, and Leduc (2022): “Supply Network Formation and Fragility” gives proofs omitted in the main text, as well as some auxiliary analyses and calculations.Available at https://ssrn.com/abstract=3525459

This paper shows that the economy can be described by two factors: an inflationary demand factor and a deflationary supply factor. More specifically, our approach combines the use of several filtering techniques to extract business cycle fluctuations and dynamic principal components analysis...

This paper examines whether land use deregulation increases housing supply when there are additional institutional frictions, such as slow updation of ownership records and unclear titles. India's urban land ceiling (ULC) laws, which put ceiling limits on privately owned vacant land in the...

Die Gewerbeimmobilienmärkte stehen angesichts der konjunkturellen Lage, aber auch angesichts struktureller Umbrüche vor großen Herausforderungen. Vor diesem Hintergrund wird in dem vorliegenden Report die Mietpreisentwicklung bei Einzelhandels- und Büroobjekten untersucht. Betrachtet wird...

We examine the relationship between oil imports and the domestic transport price index (TPI) using monthly data (July 2003 - Dec 2020) from Bangladesh. Utilizing Auto-Regressive Moving Average (ARMA) and Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH) models, we find that...

Homebuyers in Canadian cities face a multitude of taxes and charges that increase the cost of buying a home. Government policies whose affect is to limit the supply of the kinds of homes people want and can afford are among the key causes of higher property prices. Restrictions on housing supply...

Housing decisions depend critically on the supply of long-term rental housing, yet surprisingly few studies examine the determinants of this supply. Based on term structure theories of asset prices and extrapolative beliefs, we hypothesize that housing market conditions shape the term structure...

Markup fluctuations are often the combined outcome of sources of variability with conflicting effects. We exploit a natural experiment framework based on episodes of unanticipated cuts in city council spending and of firm exits from the market to investigate the markup response to contractions...

A growing body of literature has shown that innumerable discretionary choices of home buyers and sellers spread the effects of housing supply conditions throughout a metropolitan area. New units draw residents with higher incomes from the existing stock of housing, which leaves existing homes...

As common practice, oil studies in the economic literature are carried out by taking the correct specification of a model as given, and ignoring the problem of estimating overly optimistic confidence sets. This means that model uncertainty is pervasive in the empirical results. In this work I...

We identify latent demand and supply in the market for index options using a VAR with sign restrictions. The time series of latent demand conveys important economic insights that are not evident from the analysis of equilibrium quantities. Using observable proxies for risk, we find that demand...

Die Digitalisierung hat Medienmärkte grundlegend verändert: Statt begrenzten Funkfrequenzen und festen Programm, werden Medieninhalte über unterschiedlichste Kanäle verteilt, erstellt, geteilt und diskutiert. Digitale Plattformen haben den Konsum grundlegend verändert und ermöglichen es...

housing production costs absent regulation. Identification uses conditions on the support of supply and demand shocks without recourse to instrumental variables. In an application to Israeli residential construction, we find on average 43\% of housing price ascribable to regulation, but with...

Since its introduction, the European Emissions Trading Scheme (EU ETS) has been struggling with an oversupply of emission allowances and a highly volatile allowance price. One reason for the price decline is technological progress and ist demand-reducing effect, which is only partially taken...

We study the city-wide effects of new, centrally-located market-rate supply using geo-coded total population register data from the Helsinki Metropolitan Area. The supply of new market rate units triggers moving chains that quickly reach middle- and low-income neighborhoods and individuals....

The airline industry's current financial crisis has raised concerns over the ramifications of airline bankruptcies for air service and the economy. Such bankruptcies, however, nearly always occur when demand is weak, and, thus, when even healthy airlines are inclined to reduce flights. Moreover,...

This paper studies the effect of government land supply, allocate and use regulations on housing supply elasticity in urban China. In particular, we first extend the theoretical framework of Saiz (2010), then investigate the marginal effect of each land regulation and calculate the reduction of...

Part of the debate over the control of drug activity in cities is concerned with the effectiveness of implementing demand- versus supply-side drug policies. This paper is motivated by the relative lack of research providing formal economic underpinning for the implementation of either policy. We...

It is hard to estimate housing supply elasticities. India is a particularly useful country to study housing supply because it is large and has a variety of housing typologies. We estimate the supply elasticity of non-durable, durable, and vacant residential housing units in urban India. We use...

Despite wide availability of publicly reported price and quantity movements of agricultural commodities, these data alone do not easily allow one to determine whether and to what extent changing market conditions are due to shifts in underlying supply and demand curves. Such information,...

We examine the effect of relaxing land use regulation on housing supply and rents at the local level. To this end, we develop a spatial equilibrium framework that compares a city with varying floor-to-area (FAR) restrictions. The framework shows that upzoning leads to higher local housing supply...

Recently, Baumeister and Hamilton (henceforth: BH) have argued that existing studies of the global oil market fail to account for uncertainty about their identifying assumptions. They recommend an alternative econometric approach intended to address this concern by formulating priors on the...

A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately...

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their uncertain costs. It is found that with supply function competition, and in contrast to Bayesian Cournot competition, competitiveness is affected by the parameters of the...

Measuring macroeconomic demand and supply is important for a variety of reasons and is especially useful for gauging inflationary pressures. In this context, this paper departs from the standard Blanchard-Quah technique and proposes a novel identification strategy to extricate demand-supply from...

We examine the impact of state child care regulations on the supply and quality of care in child care markets. We exploit panel data on both individual establishments and local markets to control for state, time, and, where possible, establishment-specific fixed effects to mitigate the potential...