Yi, Kei-Mu; Bems, Rudolfs; Johnson, Robert C. - International Monetary Fund (IMF) - 2010
This paper uses a global input-output framework to quantify US and EU demand spillovers and the elasticity of world trade to GDP during the global recession of 2008-2009. We find that 20-30 percent of the decline in the US and EU demand was borne by foreign countries, with NAFTA, Emerging...
