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A New Supply Bottlenecks Index Based on Newspaper Data

Author

Listed:
  • Pablo Burriel

    (Banco de España)

  • Iván Kataryniuk

    (Banco de España)

  • Carlos Moreno Pérez

    (Banco de España)

  • Francesca Viani

    (Banco de España)

Abstract

We develop a new monthly indicator of supply bottlenecks using newspaper articles. The supply bottlenecks index (SBI) provides a consistent narrative of supply issues related to wars, natural disasters, strikes, and, most recently, the COVID-19 pandemic. Innovations in the SBI have important macroeconomic implications: an increase in the SBI works as a costpush shock, decreasing industrial production and employment and pushing prices up, making monetary policy face important trade-offs.

Suggested Citation

  • Pablo Burriel & Iván Kataryniuk & Carlos Moreno Pérez & Francesca Viani, 2024. "A New Supply Bottlenecks Index Based on Newspaper Data," International Journal of Central Banking, International Journal of Central Banking, vol. 20(2), pages 17-67, April.
    • Handle: RePEc:ijc:ijcjou:y:2024:q:2:a:2
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    References listed on IDEAS

    as
    1. Felix L. Friedt, 2021. "Natural disasters, aggregate trade resilience, and local disruptions: Evidence from Hurricane Katrina," Review of International Economics, Wiley Blackwell, vol. 29(5), pages 1081-1120, November.
    2. Daron Acemoglu & Alireza Tahbaz-Salehi, 2020. "Firms, Failures, and Fluctuations: The Macroeconomics of Supply Chain Disruptions," NBER Working Papers 27565, National Bureau of Economic Research, Inc.
    3. Mikkel Plagborg‐Møller & Christian K. Wolf, 2021. "Local Projections and VARs Estimate the Same Impulse Responses," Econometrica, Econometric Society, vol. 89(2), pages 955-980, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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