This paper estimates a structural VAR model of U.S. consumer and world commodity prices. An equiproportional long-run response of nominal price levels to amonetary shock yields identifying restrictions. Exogenous innovations tomonetary policy account for a sizable share of the co-movement of these series, including during episodes more commonly attributed to “supply shocks.” JEL Categories: C32...

We investigate the labour supply response to acute health shocks experienced in the postcrash labour market by individuals of working age, using data from Understanding Society. Identification exploits uncertainty in the timing of an acute health shock, defined by the incidence of cancer, stroke, or heart attack. Results, obtained through a combination of coarsened exact and propensity score ma...

How much did the contraction in the supply of credit to households contribute to the decline in employment during the Great Recession? To answer this question I provide new estimates of: (1) the elasticity of employment with respect to household credit; and (2) the size of the supply shock to household credit. I exploit a county’s exposure to the collapse of a large and previously healthy lende...

We analyse the term structure of interest rates in a general equilibrium model with incomplete markets, borrowing constraint, and positive net supply of government bonds. Uninsured idiosyncratic shocks generate bond trades, while aggregate shocks cause fluctuations in the trading price of bonds. Long bonds command a “liquidation risk premium”over short bonds, because they may have to be liquida...

This paper examines how the demand for commodities adjusts to supply shocks, and shows the importance of capturing this adjustment process when calculating welfare effects. A dynamic capital adjustment model for U.S. softwood stumpage markets is developed, and compared to a traditional lagged adjustment model. The results show that timber markets in the U.S. adjusted to the large supply shock o...

This paper establishes a theoretical and empirical link between the use of aggressive mortgage lending instruments, such as interest only, negative amortization or subprime, mortgages and the underlying house price volatility. Such instruments, which come into existence through innovation or financial deregulation, allow more borrowing than otherwise would occur. Within the context of a theoret...

The organs of the hepatosplanchnic system are considered to play a key role in the development of multiorgan failure during septic shock. Impaired oxygenation of the intestinal mucosa can lead to disruption of the intestinal barrier, which may promote a vicious cycle of inflammatory response, increased oxygen demand and inadequate oxygen supply. Standard septic shock therapy includes supportive...

The National Fire Protection Association (NFPA) Standard for Healthcare Facilities (NFPA 99) requires that wet location patient care areas be provided with “special protection against electric shock.” This paper will list the hazards associated with electric shock and the interruption of electrical power. An Isolated Power System (IPS) is one way of providing such protection, and has the inhere...

This paper extends Nolan and Thoenissen (2009), hence NT, model with an explicit financial intermediary that transfer funds from households to entrepreneurs subject to a well defined loan production function. The loan productivity shock is treated as the supply side financial disturbance. Together with NT’s net worth shock that resembles the credit demand perturbation, both of the two-sided sho...

We study the benefits and costs of collateral requirements in bank lending markets with asymmetric information. estimate a structural model firms’ credit demand for secured unsecured loans, banks’ contract offering pricing, firm default using registry data setting where information problems are pervasive. provide evidence that mitigates adverse selection moral hazard. With counterfactual experi...