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This paper develops a growth model characterized by equilibrium unemployment and sustained monopoly power. The level of demand is a key factor in deviations from the steady-state growth path with a Keynesian-type spending multiplier despite the absence of any nominal rigidities. The key friction...
Persistent link: https://www.econbiz.de/10012585372
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 …
Persistent link: https://www.econbiz.de/10012479975
We find that the supply of and demand for insurance for tree crops is much larger than for non-tree crops. Crop … for these specialty crops has little benefit for consumers, even when it generates a large supply response …
Persistent link: https://www.econbiz.de/10012461948
influences the supply of amenities and local public goods. Pollution, congestion, and the quality of public education are …
Persistent link: https://www.econbiz.de/10012462307
Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from...
Persistent link: https://www.econbiz.de/10012462696
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 …
Persistent link: https://www.econbiz.de/10012462730
Inventories and price changes are correlated. The inverse relation is most obvious in housing where inventories build in low demand markets and shrink in high demand markets. This is a puzzle. Symmetry of information among buyers and sellers would seem to imply that sellers would change their...
Persistent link: https://www.econbiz.de/10012462772
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 …
Persistent link: https://www.econbiz.de/10012463914
Incomplete product availability is an important feature of many markets; ignoring changes in availability may bias demand estimates. We study a new dataset from a wireless inventory system installed on 54 vending machines to track product availability every four hours. The data allow us to...
Persistent link: https://www.econbiz.de/10012464336
economic analyses of supply, demand and harms …
Persistent link: https://www.econbiz.de/10012464423