structure of spatial linkages, we characterize the model-consistent shock exposure of a local market as the exogenous shift in … the market's own shock exposure, and indirectly to other markets shocks exposures. We show how spatial linkages control … their counterfactual implications. Applying our methodology to US Commuting Zones, we find that difference …

flexible structure of spatial linkages, we characterize the model-consistent shock exposure of a local market as the exogenous … directly to the market's own shock exposure, and indirectly to other markets shocks exposures. We show how spatial linkages … their counterfactual implications. Applying our methodology to US Commuting Zones, we find that difference …