Do Supply Curves Slope Up?
利用投入产出关系识别外生需求冲击，发现美国制造业中多数行业的需求冲击导致价格与数量同向变动，即供给曲线向上倾斜。
This paper examines the short-run responses of price and quantity to exogenous demand shocks for disaggregated U. S. manufacturing industries, using prior information on input-output linkages to identify industries whose fluctuations are likely to function as approximately exogenous demand shocks for other industries. I find that demand shocks induce positive covariation between price and quantity for 16 out of 26 sample industries, controlling for observable cost shift variables. When sample industries are pooled, I estimate that a demand shock which initially raises industry output by 1 percent generates a price increase of 0.182 percent within one year. I find that input-output instruments detect upward sloping supply curves more readily than least squares or other commonly used demand-shift instruments.