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Convex Supply Curves
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DOI：10.1257/aer.20210811.png)
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摘要
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We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model in which capac-ity constraints at the firm level generate supply curves that are convex in logs at the industry level. The industry's capacity utili-zation 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 econom-ically 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.
Keyword:
CAPACITY CONSTRAINTS
LABOR SHARE
BUSINESS
FLUCTUATIONS
INVESTMENT
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IF:
11.6
论文数:
5.0K
被引数:
7.5W
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