demand shocks significantly worsen the income distribution. It is estimated that the effect of the demand shock is long …-lasting. In contrast to this, a supply shock worsens the index in the short-term and has a short duration. In addition, negative … of shock …

the effects of an immigration shock on labor demand by testing a general equilibrium model in which imperfectly … substitutable native and immigrant workers spend their wages on a locally produced good. The shock induces three responses: (i) a … can fall, stay the same or rise, depending upon the strength of the shock and various product and factor market …

. The model predicts that a credit supply shock can generate large comovements between the house price and the price …