strategy exploits the heterogeneous impact of the shock on importers. The results indicate that this relatively minor, non …-localized shock had a non-trivial economic impact on exposed firms and propagated downstream through affected suppliers. Additional …

interactions between MP and trade. According to the model with MP, supply-side productivity shocks contributed to the collapse of … to shocks that affected aggregate productivity and were specific to multinationals in a few key headquarters countries …

networks. In this paper we incorporate production barriers induced by COVID-19 shock into a Ricardian model with sectoral … shock has a considerable impact on most economies in the world, especially when a share of the labor force is quarantined …. Moreover, we show that global production linkages have a clear role in magnifying the effect of the production shock. Finally …

empirical literature studying the “China shock.” We find that the China shock leads to average welfare increases in most U …