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Working Paper
Assessing the macroeconomic impact of bank intermediation shocks: a structural approach
Chen, Kaiji; Zha, Tao (2015-08-01)
We take a structural approach to assessing the empirical importance of shocks to the supply of bank-intermediated credit in affecting macroeconomic fluctuations. First, we develop a theoretical model to show how credit supply shocks can be transmitted into disruptions in the production economy. Second, we use the unique micro-banking data to identify and support the model's key mechanism. Third, we find that the output effect of credit supply shocks is not only economically and statistically significant but also consistent with the vector autogression evidence. Our mode estimation indicates ...
FRB Atlanta Working Paper , Paper 2015-8

Journal Article
Relating commodity prices to underlying inflation: the role of expectations
Davis, J. Scott (2011)
Temporary supply factors may boost some commodity prices?a drought in the Midwest can jolt food costs, or a conflict in the Middle East might propel oil higher. These, in turn, can increase the overall consumer price index (CPI) and the headline inflation rate. ; Because central bank anti-inflation measures sometimes take a long time to affect prices, policymakers don?t necessarily react to short-term fluctuations in headline inflation (an overall rate that?s not seasonally adjusted). In fact, the mandate of many inflation-targeting central banks is to aim to keep headline inflation at a ...
Economic Letter , Volume 6

Working Paper
The effect of satellite entry on product quality for cable television
Chu, Chenghuan Sean (2008)
In vertically differentiated markets, the effects of firm entry are contingent upon whether incumbent firms can respond to entry by adjusting product quality in addition to simply lowering prices. Using market-level data, I estimate a structural model of supply and demand for subscription television that takes into account the endogeneity of quality choice. Using counterfactual analysis, I decompose the effect of satellite entry on existing cable into two components: the conventional price response and the effect of endogenous quality adjustments (measured by changes in programming content). ...
Finance and Economics Discussion Series , Paper 2008-12

Working Paper
The multiple unit auction with variable supply
Lengwiler, Yvan (1998)
The theory of multiple unit auctions traditionally assumes that the offered quantity is fixed. I argue that this assumption is not appropriate for many applications because the seller may be able and willing to adjust the supply to the bidding. In this paper I address this shortcoming by analyzing a multi-unit auction game between a monopolistic seller who can produce arbitrary quantities at constant unit cost, and oligopolistic bidders. I establish the existence of a subgame-perfect equilibrium for price discriminating and for uniform price auctions. I also show that bidders have an ...
Finance and Economics Discussion Series , Paper 1998-28

Journal Article
Going, going, gone: setting prices with auctions
Mester, Loretta J. (1988-03)
Business Review , Issue Mar , Pages 3-13

Journal Article
Did speculation drive oil prices? market fundamentals suggest otherwise
Plante, Michael D.; Yücel, Mine K. (2011)
Oil market speculation became an especially popular topic when the price of crude tripled over 18 months to a record high $145 per barrel in July 2008. Of particular interest to many is whether speculators drove oil prices beyond what fundamentals would have otherwise justified. We explore this issue over two Economic Letters. In this article, we look at evidence from the physical market for oil and conclude that fundamentals, and not speculation, were behind the dramatic rise and fall in oil prices. In our companion Economic Letter, we examine the futures market.
Economic Letter , Volume 6

Journal Article
Commodity supplies and prices
anonymous (1942-03)
Federal Reserve Bulletin , Issue Mar

Journal Article
Why small businesses were hit harder by the recent recession
Sahin, Aysegul; Kitao, Sagiri; Cororaton, Anna; Laiu, Sergiu (2011-07)
Although both large and small businesses felt the sting of job losses during the 2007-09 downturn, small firms experienced disproportionate declines. A study of the recession?s employment effect on small firms suggests that poor sales and economic uncertainty were the main reasons for their weak performance and sluggish recovery?problems that affected large firms too, but to a lesser degree. Although a tightened credit supply constrained some small firms, weak consumer demand for the firms? products and services was a more pressing factor, reducing revenues and dampening new investment ...
Current Issues in Economics and Finance , Volume 17 , Issue July

Journal Article
Happy hour economics, or how an increase in demand can produce a decrease in price
Fisher, Mark (2005-04-02)
The standard supply-and-demand model is typically an economist?s most important analytical tool, but in some situations it does not capture the features of interest. For example, during ?happy hour,? bars near workplaces sell a higher-than-usual quantity of alcoholic beverages at a lower-than-usual price. This practice makes little sense using the standard competitive model, but an alternative model?the model of monopolistic competition?provides the needed analytic framework. ; This article provides a step-by-step construction of a monopolistic competition model in which many firms each ...
Economic Review , Volume 90 , Issue Q 2 , Pages 25-34

Newsletter
The Market for Eggs: How Prices Are Hatched
Wolla, Scott A. (2025-05-09)
Examine how the egg market operates and why prices fluctuate.
Page One Economics Newsletter

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