our theory. We show that a key parameter determining the incentives for war is the elasticity of demand. Our first result …We develop a dynamic theory of resource wars and study the conditions under which such wars can be prevented. The … military action. In the case of inelastic resource demand, war incentives increase over time and war may become inevitable. Our …

-constrained consumers' access to financial markets make demand insensitive to interest rate fluctuations. The demand of credit … price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to …

the econometric unobservables. In particular, we allow for infinite dimensional unobservables. In the context of a demand … system, this allows each product to have multiple unobservables. We identify the distribution of demand both unconditional … functions to be analytic in the endogenous variables, which is satisfied by several standard demand models used in practice. We …

, arises because these models load all uncertainty onto the supply side of the economy. We propose a simple theory of asset … pricing in which demand shocks play a central role. These shocks give rise to valuation risk that allows the model to account …

We estimate the demand for a videocalling technology in the presence of both network effects and heterogeneity. Using a …

hospital-insurer bargaining over premiums and reimbursements, household demand for insurance, and individual demand for …

foreign demand for its currency. In the absence of such demand, the model implies that the Friedman rule--deflation at the … foreign demand for domestic currency is taken into account, the Friedman rule ceases to be Ramsey optimal. Calibrated versions … of the model that match the range of empirical estimates of the size of foreign demand for U.S. currency deliver Ramsey …

informed by economic theory, we simultaneously estimate a demand system and price-cost margins for products differentiated in …We demonstrate how to estimate a model of product demand and oligopoly pricing when products are multi …

Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic …-rent puzzle”). We build a tractable heterogeneous-agent model that provides a microeconomic foundation for housing demand shocks …