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Quantifying Demand Shocks in the Green and Digital Transition

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  • Andrea Bastianin
  • Luca Rossini
  • Marco Zoso

Abstract

We use web search data to construct monthly indexes of derived demand for cobalt, copper, and nickel, which are key inputs in technologies driving the energy and digital transitions. We incorporate these indexes into Structural Vector Autoregressive (SVAR) models of global metal markets and identify structural shocks using zero, sign, and magnitude restrictions. This approach disentangles supply shocks from several demand-side drivers of metal prices and isolates a transition demand (TD) shock linked to the diffusion of metal-intensive technologies. We find that TD shocks generate persistent price effects, especially for copper and nickel, whereas supply and metal-specific demand shocks are more immediate and less persistent.

Suggested Citation

  • Andrea Bastianin & Luca Rossini & Marco Zoso, 2026. "Quantifying Demand Shocks in the Green and Digital Transition," Papers 2606.27842, arXiv.org.
    • Handle: RePEc:arx:papers:2606.27842
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