Macroeconomics Seminar Series. Macro Preferences and the Dynamics of Product Demand
Published: 26 October 2026
11 November 2026. Dr Andreas Tryphonides, University of Cyprus
Dr Andreas Tryphonides, University of Cyprus
Macro Preferences and the Dynamics of Product Demand
Wednesday, 11 November 2026 15:00
Room 141 AB ASBS
Abstract
How do persistent household preferences shape product demand? Using household-level estimates of discounting and utility curvature matched to quarterly random-coefficients demand systems across roughly 200 product modules in the US, we document substantial preference-related heterogeneity in price elasticities beyond that explained by income. Spending responses to the 2008 Tax Rebates also vary systematically across product categories. A monthly incomplete-markets stockpiling model rationalizes the elasticity evidence: preferences affect demand directly by changing households’ price responses at a given financial state, and indirectly by changing the endogenous distribution of liquid assets and inventories. The results show that macro preferences shape both the demand curves firms face and the product-level transmission of fiscal policy.
Bio
Andreas is an Assistant Professor of Economics at the University of Cyprus. His research interests lie in the fields of Applied and Quantitative Macroeconomics, and Econometrics.
For further information, please contact business-seminar-series@glasgow.ac.uk
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First published: 26 October 2026