Using firm-level survey data from Germany, this paper asks how do supply constraints propagate monetary policy shocks? To answer this question, we first offer a general discussion on the measurement of supply constraints. We show that capacity utilization, a widely accepted measure of...

Using unique firm-level survey data from Germany, this paper investigates two measures of supply constraints: a new direct measure that indicates material shortages and capacity utilization, a widely accepted measure of bottlenecks and slack. We document substantial heterogeneity in supply...

Like most large cities, Sydney has an airport problem. Demand is increasing faster than supply, and additional capacity will be needed if costly rationing, and delays, are to be avoided. However, compared to many cities, the problems facing Sydney are modest. At the moment, demand is only just...

Like most large cities, Sydney has an airport problem. Demand is increasing faster than supply, and additional capacity will be needed if costly rationing, and delays, are to be avoided. However, compared to many cities, the problems facing Sydney are modest. At the moment, demand is only just...