| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26829 |
| 来源ID | Working Paper 26829 |
| Convex Supply Curves | |
| Christoph Boehm; Nitya Pandalai-Nayar | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a putty-clay model in which capacity constraints at the plant level generate convex supply curves at the industry level. The model's key insight is that an industry's capacity utilization rate is a sufficient statistic for the slope of its supply curve. Using data on capacity utilization and three different instruments, we estimate the supply curve and find robust evidence for convexity. Supply curves are essentially flat at low levels of capacity utilization but increasing at higher levels. Further, industries with low initial capacity utilization rates expand production twice as much after demand shocks as industries that produce close to their capacity limit. The nonlinearity we identify has a number of macroeconomic implications, including that responses to shocks are state-dependent, that the Phillips curve is convex, and that the welfare costs of business cycles are larger than in Lucas (1987). |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w26829 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584502 |
| 推荐引用方式 GB/T 7714 | Christoph Boehm,Nitya Pandalai-Nayar. Convex Supply Curves. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26829.pdf（2563KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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