Bems, Rudolfs; Johnson, Robert C.; Yi, Kei-Mu - In: American Economic Review 101 (2011) 3, pp. 308-12
A common view is that cross-border vertical linkages played a key role in the 2008-2009 collapse of global trade. This paper presents two accounting results from a global input-output framework that shed light on this channel. We feed in observed changes in final demand and find that trade in...