suggests a bigger role for supply disruptions that restricted the ability of retailers to re-stock goods after the earthquake …

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 … extremely inelastic, price response is muted by a significant supply response that is obscured if futures prices are not …

We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a … all domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply … banking union and, in the presence of supply shocks, from a capital market union.Institutional subscribers to the NBER working …

uncertainty about the identifying assumptions themselves. We use this approach to revisit the importance of shocks to oil supply … and demand. Supply disruptions turn out to be a bigger factor in historical oil price movements and inventory accumulation … a smaller factor than implied by earlier estimates. Supply shocks lead to a reduction in global economic activity after …