A Sticky-Price View of Hoarding
NBER WORKING PAPER SERIES A STICKY-PRICE VIEW OF HOARDING Christopher Hansman Harrison Hong Áureo de Paula Vishal Singh Working Paper 27051 http://www.nber.org/papers/w27051 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2020, Revised September 2021 This paper subsumes our earlier work on hoarding and commodity bubbles. We thank seminar participants at CICF 2019, INSEAD, Aalto, Peking University, Warwick University, Cambridge University, NBER Universities Conference on Commodities, HKUST, New York University, PUC-Rio and Yale University for helpful comments. We are also grateful to Quisha Peng, Pengfei Wang, Yuriy Gorodnichenko, Emi Nakamura, Hassan Afrousi, Michael Woodford, William Goetzmann, Hank Bessembinder, Manuel Arellano, Orazio Attanasio, Richard Blundell, Marcelo Fernandes, Bo Honoré, Guy Laroque, Valerie Lechene and Elie Tamer for useful conversations, and to Zhenhao Tan for excellent research assistance. de Paula acknowledges financial support from the European Research Council through Starting Grant 338187 and the Economic and Social Research Council through the ESRC Centre for Microdata Methods and Practice grant RES-589-28-0001. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Christopher Hansman, Harrison Hong, Áureo de Paula, and Vishal Singh. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
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