| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w28346
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| 来源ID | Working Paper 28346
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| Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark |
| David Baqaee; Emmanuel Farhi
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| 发表日期 | 2021-01-25
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | The Covid-19 crisis is an unusual and seemingly all-encompassing economic shock. On the one hand, it was unquestionably a negative demand shock that, for fixed prices and incomes, reduced household spending. On the other hand, it was also unquestionably a negative supply shock that reduced firms' ability to maintain production at pre-pandemic prices and quantities. These negative shocks affected different industries differently: whereas some producers easily switched to remote-work and maintained both employment and production, industries that required face-to-face contact were forced to reduce production capacity and employment. We consider a stripped-down version of the model presented in Baqaee and Farhi (2020). Despite its simplicity, the model nevertheless allows for an arbitrary input-output network, complementarities in both consumption and production, incomplete markets, downward nominal wage rigidity, and a zero-lower bound. In this sense, it contains many of the ingredients typically considered to be important for understanding the economic fallout from Covid-19. Nevertheless, despite allowing for these realistic ingredients, this model has a stark property: factor income shares at the initial equilibrium are global sufficient statistics for the input-output network. This article clarifies clarifies what ingredients must be added to a model if the production network is to play an important role in the propagation of shocks. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
; Money and Interest Rates
; Monetary Policy
; COVID-19
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| URL | https://www.nber.org/papers/w28346
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586031
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推荐引用方式
GB/T 7714 |
David Baqaee,Emmanuel Farhi. Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark. 2021.
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文件名：
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w28346.pdf
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格式：
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Adobe PDF
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