We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a … banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing … all domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply …

producer or consumer welfare, then we would expect to see this reflected in output and prices. Exploiting variation in the … output and prices of the insured crops …We find that the supply of and demand for insurance for tree crops is much larger than for non-tree crops. Crop …

characteristics, and commuting opportunities. The aggregation of these individual choices in markets and in other institutions … influences the supply of amenities and local public goods. Pollution, congestion, and the quality of public education are … limited to prices and quantities. Sorting models can integrate descriptions of how non-market goods are generated, estimate …

downpayment requirements and uncertainty about the evolution of incomes and home prices. We argue that these features are critical … motivated by the U.S. recession starting in December of 2007 that saw large falls in home prices, large negative income shocks …

extremely inelastic, price response is muted by a significant supply response that is obscured if futures prices are not …We present a new framework to identify demand and supply elasticities of agricultural commodities using yield shocks … using current-period shocks that give rise to exogenous shifts in supply. Supply is identified using past shocks, which …

in low demand markets and shrink in high demand markets. This is a puzzle. Symmetry of information among buyers and …. Because there is heterogeneity among buyers in the valuation of a given house, sellers set prices strategically. When demand … falls, sellers rationally lower their prices, but not by enough to keep the probability of sale constant. As a result …

crisis, we observe (not estimate) limit order demand and supply curves for individual stocks. Both curves have demonstrably … financial variables revert to pre-crisis norms. Superimposed upon this common long-term modulation, individual stocks' supply … demand curve, it tends simultaneously to exhibit an unusually inelastic supply curve, and vice versa. These findings have …

Incomplete product availability is an important feature of many markets; ignoring changes in availability may bias …

In 2001, use of the STRIDE data base for the purposes of analyzing drug prices and the impact of public policies on … drug markets came under serious attack by the National Research Council (Manski et al., 2001; Horowitz, 2001). While some … use of the data. In this paper, we first disprove Horowitz's main argument that prices are different for observations …