This study applies the Quadratic Almost Ideal Demand System (QUAIDS) to the Asian Development Bank's Multi-Region Input-Output (MRIO) dataset to estimate global demand and supply elasticities across intermediate vs. final, and domestic vs. foreign sectors. Using pooled data from 2021-2023,...

Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these shocks affect the composition of firms' employees and outcomes at the worker level. This paper investigates how bank distress affects credit provision and its effects on...

The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates the decentralized coordination mechanism inherent in all...

We study the role of regional housing markets in the transmission of US monetary policy. Using a FAVAR model over 1999q1-2019q4, we find sizeable heterogeneity in the responses of US states to a contractionary monetary policy shock. Part of this regional variation is due to differences in...

Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these shocks affect the composition of firms' employees and outcomes at the worker level. This paper investigates how bank distress affects credit provision and its effects on...

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 estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...

The COVID-19 pandemic has undeniably caused both supply and demand shocks. Nevertheless, it is uncertain to what extent each factor contributed more to the evolution of prices and economic activity at different points since the onset of the pandemic. Whether inflationary pressures are mainly due...

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...

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...

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

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...

The decline in housing affordability over recent decades has promoted an enhanced interest in housing supply. This chapter presents descriptive evidence about the evolution of us housing prices, quantities, and regulations since 1980, indicating that supply constraints appear to be increasingly...

Modern theories of aggregate supply are built on the foundation that firms set prices and commit to producing whatever the market demands. We remove this strategic restriction and allow firms to choose supply functions, mappings that describe the prices charged at each quantity of production....

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...

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 provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a putty-clay model in which capacity constraints at the plant level generate convex supply curves at the industry level. The model's key insight is that an industry's capacity utilization...

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...

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...

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 estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...

Prosumers are becoming increasingly important in global energy consumption and production. We partner with an energy service provider in Sweden to explore the economics facing such agents by conducting a natural field experiment over a 32-month period. As a policy instrument, we explore how...