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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

Newsletter
The Science of Supply and Demand
Perkis, David F. (2021-03-01)
Pandemics, hurricanes, and other scientific events can alter the course of markets. Changes in technology can, too. This issue of Page One Economics explains the laws of supply and demand and uses graphs to show how price and quantity change when markets shift.
Page One Economics Newsletter

Journal Article
Did speculation drive oil prices? futures market points to fundamentals
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 for evidence in the futures market that would signal speculation primarily drove prices. In our companion Economic Letter, we examine the physical market.
Economic Letter , Volume 6

Speech
The Right Tools for Our Time
Williams, John C. (2022-05-10)
Remarks at NABE/Bundesbank International Economic Symposium Eltville am Rhein, Germany.
Speech

Working Paper
Decomposing Supply and Demand Driven Inflation
Shapiro, Adam Hale (2022-09-22)
The extent to which either supply or demand factors drive inflation has important implications for economic policy. I propose a framework to decompose inflation into supply- and demand-driven components. I generate two new data series, the supply and demand-driven contributions to personal consumption expenditures (PCE) inflation, which quantify the degree to which either demand or supply is driving inflation in a current month. The series show expected time-series patterns. The demand-driven contribution tends to decline during recessions, while the supply-driven contribution tends to follow ...
Working Paper Series , Paper 2022-18

Speech
A Bedrock Commitment to Price Stability
Williams, John C. (2022-10-03)
Remarks at the 2022 U.S. Hispanic Chamber of Commerce National Conference, Phoenix, Arizona.
Speech

Working Paper
Assessing the macroeconomic impact of bank intermediation shocks: a structural approach
Zha, Tao; Chen, Kaiji (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

Working Paper
Likelihood-preserving normalization in multiple equation models
Zha, Tao; Waggoner, Daniel F. (2000)
Causal analysis in multiple equation models often revolves around the evaluation of the effects of an exogenous shift in a structural equation. When taking into account the uncertainty implied by the shape of the likelihood, we argue that how normalization is implemented matters for inferential conclusions around the maximum likelihood (ML) estimates of such effects. We develop a general method that eliminates the distortion of finite-sample inferences about these ML estimates after normalization. We show that our likelihood-preserving normalization always maintains coherent economic ...
FRB Atlanta Working Paper , Paper 2000-8

Conference Paper
The credit slowdown of 1989-1991: the role of supply and demand
Corcoran, Patrick J. (1992)
Proceedings , Paper 368

Working Paper
A structural model of real aggregate demand
Throop, Adrian W. (1984)
Working Papers in Applied Economic Theory , Paper 84-03

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