Data and Code for: Convex Supply Curves
Principal Investigator(s): View help for Principal Investigator(s) Christoph Boehm, University of Texas-Austin; Nitya Pandalai-Nayar, University of Texas-Austin
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| BEA Input Output accounts | 10/20/2022 10:53:AM | ||
| BEA industry accounts | 10/20/2022 10:53:AM | ||
| BEA national aggregates | 10/20/2022 10:53:AM | ||
| BLS producer price data | 10/20/2022 10:53:AM | ||
| Business Dynamics Statistics | 10/20/2022 10:53:AM | ||
| Export data | 10/20/2022 10:53:AM | ||
| FRB utilization data | 10/20/2022 10:53:AM | ||
| Publicly Available QSPC | 10/20/2022 10:53:AM | ||
| UN National Accounts Data | 10/20/2022 10:53:AM | ||
| main analysis | 10/20/2022 10:53:AM |
Project Description
Summary:
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We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model in which capacity constraints at the firm level generate supply curves that are convex in logs at the industry level. The industry's capacity utilization rate is a sufficient statistic for the supply elasticity. Using data on capacity utilization and three different instruments, we estimate the supply curve and find robust evidence for an economically sizable degree of convexity. The nonlinearity we identify has several macroeconomic implications, including that responses to shocks are state-dependent and that the Phillips curve is convex.
Scope of Project
Subject Terms:
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Slack;
Utilization;
Capacity;
Supply Curves;
State-Dependence;
Fiscal Policy;
Monetary Policy
JEL Classification:
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E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E62 Fiscal Policy
E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E62 Fiscal Policy
Geographic Coverage:
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USA
Universe:
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US 3-digit NAICS Manufacturing Industries
Data Type(s):
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aggregate data
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