Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/229074 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2460
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves 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: Responses to shocks are state-dependent, the Phillips curve is convex, and higher welfare costs of business cycles than Lucas (1987).
Schlagwörter: 
Slack
Utilization
State-Dependence
Fiscal Policy
Monetary Policy
JEL: 
E22
E32
E52
E62
F44
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4377-2
Dokumentart: 
Working Paper

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