trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

argue that the German government handled the immediate response to the energy shock well, but subsequently waited too long … controls as an optimal policy response to an energy shock within a general equilibrium framework. We develop a simple … generate endogenous price uncertainty in the wake of an energy shock. We also link our analysis to the so-called sunspot …

depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic … for price increases than for price decreases and thus firms face a downward-sloping demand curve that is kinked at the … consumers' reference price. Firms adjust their prices flexibly in response to variations in this demand curve, in the context of …

of the banana plants because of sufficiently low elasticity of demand. Using the cyclones of 2006 and 2011 as exogenous … events, we identify the elasticity of demand for bananas in Australia to be around -0.5. We indeed find limited evidence for …

-rich economies. The Chinese shift to consumption-driven growth led to a decline in commodity demand, and the environment became more …

. Using a household fixed effects regression model, we find that while a drought shock increases the likelihood of migration … trade-off between two effects of a shock for a household: loss of income and increase in the need of labor services. We show … that migration increases when the former effect of a shock dominates, it reduces when the latter effect dominates. We …