A Sticky-Price View of Hoarding

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.

• April 22, 2020