far exceed any benefits from lower shock exposure. In the U.S., a repatriation of GVCs would reduce national welfare by 2 …

(in contrast to final goods trade) in transmitting the shock. In a hypothetical world without GVCs, the welfare loss due … 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 transmittingthe shock. In a hypothetical world without GVCs, the welfare loss due to … 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 …