000			01093nam a22001457a 4500
999			_c521750 _d521750
008			230224b ||||| |||| 00| 0 eng d
100			_aCurves, Convex Supply and Boehm,Christoph E. _937440
245			_aCurves, convex supply
260			_aThe American Economic Review
300			_a112(12), Dec, 2022: p.3941-3969
520			_aWe provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model in which capacity constraints at the firm level generate supply curves that are convex in logs at the industry level. The industry's capacity utilization 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 economically 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.- Reproduced
773			_aThe American Economic Review
906			_aECONOMICS
942			_cAR