| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14742 |
| DP14742 Nonlinear Production Networks with an Application to the Covid-19 Crisis | |
| Emmanuel Farhi; David Rezza Baqaee | |
| 发表日期 | 2020-05-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study the effects of negative supply shocks and shocks to the composition of final demand on aggregate output in a disaggregated neoclassical model with multiple sectors, factors, and input-output linkages. We show how nonlinearities associated with complementarities in consumption and production amplify the effect of negative supply shocks by creating supply bottlenecks and disrupting supply chain networks. These nonlinearities are particularly potent when the shocks are more heterogeneous as the worst-affected sectors drag down the other sectors. Nonlinearities are strengthened when changes in preferences lead households to tilt the composition of their demand towards the crippled sectors directly and indirectly through their supply chains. And nonlinearities are further intensified when factors cannot easily be reallocated across sectors to reinforce weak links. A quantitative investigation suggests that nonlinearities may amplify the impact of the Covid-19 shock by between 10%-100%, depending on the horizon of analysis and the exact size of the shocks. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Production networks Input-output linkages Complementarities Covid-19 |
| URL | https://cepr.org/publications/dp14742-0 |
| 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/543665 |
| 推荐引用方式 GB/T 7714 | Emmanuel Farhi,David Rezza Baqaee. DP14742 Nonlinear Production Networks with an Application to the Covid-19 Crisis. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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