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In structural vector autoregressive models of United States and euro area manufacturing, we use sign restrictions to identify shocks that alter the frictions to Chinese supply chain trade. We find a quantitatively significant role of such shocks for the decline of US manufacturing output at the...
Persistent link: https://www.econbiz.de/10014263117
In the last two decades, manufacturing industries in Korea have become more concentrated, and interconnectedness across industries and to foreign countries has risen via vertical relationships and trade linkages. This paper investigates the transmission of economic shocks in such a highly...
Persistent link: https://www.econbiz.de/10012868263
Through the 2000s, Korea's export and import linkages to advanced and emerging markets increased significantly. At the same time, the correlation of output growth between Korea and these economies rose. This paper investigates the nature of the link between trade linkages and the comovement of...
Persistent link: https://www.econbiz.de/10012868264
In this paper we investigate how supply and demand shocks in one country affect output volatility in other countries. While the evidence for cross-country transmission of demand shocks is mixed, we find that volatile supply in one country leads to larger imports and output volatility in other...
Persistent link: https://www.econbiz.de/10012960182
What are the economic implications of financial and uncertainty shocks? We show that financial shocks cause a decline in output and goods prices, while uncertainty shocks cause a decline in output and an increase in goods prices. In response to uncertainty shocks, firms increase their markups,...
Persistent link: https://www.econbiz.de/10013373603
Economists have long suspected that firm-to-firm relationships might lower the responsiveness of prices to shocks due to the use of fixed-price contracts. Using transaction-level U.S. import data, I show that the pass-through of exchange rate shocks in fact rises as a relationship grows older....
Persistent link: https://www.econbiz.de/10012061371
relation holds for food inflation. That is, broader economic overheating does push up the food component of the CPI in a … systematic way. Further, general inflation expectations from professional forecasters clearly impact food price inflation. The … analysis also quantifies the extent to which higher food production and imports, or lower food exports, reduce food inflation …
Persistent link: https://www.econbiz.de/10014264790
Economists have long suspected that firm-to-firm relationships might lower the responsiveness of prices to shocks due to the use of fixed-price contracts. Using transaction-level U.S. import data, I show that the pass-through of exchange rate shocks in fact rises as a relationship grows older....
Persistent link: https://www.econbiz.de/10012144739
Using two novel administrative datasets containing monthly sales and input-sourcing information for plants and products with regional heterogeneity within India, we find that the inter- to intra-region trade ratio declines sharply after the COVID-19 induced lockdown in March 2020. The ratio...
Persistent link: https://www.econbiz.de/10013221444
and productivity. Leveraging unique firm-level production network data from Turkey, a country with high inflation and …
Persistent link: https://www.econbiz.de/10014240556