due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock …

with input-output linkages to gauge the effects of this adverse supply shock in China on the global economy through … countries even gain from the shock due to trade diversion. As a key methodological contribution, we quantify the role of GVCs … (in contrast to final goods trade) in transmitting the shock. In a hypothetical world without GVCs, the welfare loss due …

decades can explain increasing resistance to globalization in industrialized countries. In a traditional trade model of a … analysis indicates that, in contrast to past episodes of globalization, public education does not shield workers from losses …