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BoardofGovernorsoftheFederalReserveSystemInternationalFinanceDiscussionPapersISSN1073-2500(Print)ISSN2767-4509(Online)Number1395August2024Limited(Energy)Supply,MonetaryPolicy,andSunspotsNilsGornemann,SebastianHildebrand,andKeithKuesterPleasecitethispaperas:Gornemann,Nils,SebastianHildebrand,andKeithKuester(2024).“Limited(En-ergy)Supply,MonetaryPolicy,andSunspots,”InternationalFinanceDiscussionPa-pers1395.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/IFDP.2024.1395.NOTE:InternationalFinanceDiscussionPapers(IFDPs)arepreliminarymaterialscirculatedtostimu-latediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheInternationalFinanceDiscussionPapersSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.RecentIFDPsareavailableontheWebatwww.federalreserve.gov/pubs/ifdp/.ThispapercanbedownloadedwithoutchargefromtheSocialScienceResearchNetworkelectroniclibraryatwww.ssrn.com.Limited(Energy)Supply,MonetaryPolicy,andSunspots∗NilsGornemann†SebastianHildebrand‡KeithKuester§July18,2024AbstractInasimpleNewKeynesianopeneconomysetting,weanalyzehowlocalinputshortagesinfluencepolicytransmissionandequilibr...