| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13796 |
| DP13796 International Comovement in the Global Production Network | |
| Zhen Huo; Andrei Levchenko; Nitya Pandalai-Nayar | |
| 发表日期 | 2019-06-13 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper provides a general and unified framework to study the role of production networks in international GDP comovement. We first derive an additive decomposition of bilateral GDP comovement into components capturing shock transmission and shock correlation. We quantify this decomposition in a parsimonious multi-country, multi-sector network propagation model featuring a single composite supply shock, with data for 29 countries and up to 30 years. We find that while the network transmission of shocks is quantitatively important, it accounts for a minority of observed comovement under a range of standard values of structural elasticities. To assess the role of delayed propagation and intertemporal shocks– features absent in the standard static framework– we extend both the accounting decomposition and the model to a dynamic setting and enrich the space of shocks. Quantitatively, delayed propagation contributes relatively little to the overall GDP comovement compared to the impact effects captured by the static production network model. Models featuring two intratemporal shocks (TFP and labor supply) strike a good balance between parsimony and fit to the data. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Production networks International comovement |
| URL | https://cepr.org/publications/dp13796-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542667 |
| 推荐引用方式 GB/T 7714 | Zhen Huo,Andrei Levchenko,Nitya Pandalai-Nayar. DP13796 International Comovement in the Global Production Network. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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