全球智库信息集成服务系统(G2TT): Distortions in Production Networks

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w22212
来源ID	Working Paper 22212
	Distortions in Production Networks
	Saki Bigio; Jennifer La’O
发表日期	2016-05-02
出版年	2016
语种	英语
摘要	How does an economy's production structure determine its macroeconomic response to sectoral distortions? We study a static framework in which production is organized in an input-output network and firms' production decisions are distorted. We show how sectoral distortions manifest at the aggregate level via two channels: total factor productivity and the labor wedge. The strength of each channel depends jointly on the input-output structure and the distribution of shocks. Near efficiency, distortions generate zero first-order effects on TFP but non-zero first-order effects on the labor wedge; the latter we show to be determined by the sector's network "centrality." We apply the model to the 2008-09 Financial Crisis and find that the U.S. input-ouput network may have amplified financial distortions by roughly a factor of two relative to a counterfactual economy devoid of intermediate good trade.
主题	Microeconomics ; Mathematical Tools ; Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w22212
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579886
推荐引用方式 GB/T 7714	Saki Bigio,Jennifer La’O. Distortions in Production Networks. 2016.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w22212.pdf（861KB）	智库出版物		限制开放	CC BY-NC-SA	浏览