| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15664 |
| DP15664 Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark | |
| David Rezza Baqaee; Emmanuel Farhi | |
| 发表日期 | 2021-01-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | How do supply and demand shocks, like the ones caused by Covid-19, interact with complex production networks? In this note, we consider a stripped-down version of the model presented in Baqaee and Farhi (2020). Despite its simplicity, the model we present allows for an arbitrary input-output network, complementarities in both consumption and production, incomplete markets, downward nominal wage rigidity, and a zero-lower bound on interest rates. Nevertheless, despite allowing for these realistic ingredients, this model has a very stark property: namely, factor income shares at the initial equilibrium are global sufficient statistics for the input-output network. This irrelevance result clarifies what assumptions must be broken if the production network is to play a role in shock propagation. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Covid-19 Supply chains Production networks Irrelevance Complementarities Downward wage rigidity |
| URL | https://cepr.org/publications/dp15664 |
| 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/544675 |
| 推荐引用方式 GB/T 7714 | David Rezza Baqaee,Emmanuel Farhi. DP15664 Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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