The Micro Origins of International Business-Cycle Comovement

被引：76

作者：

di Giovanni, Julian ^{[1
,2
,3
]}

Levchenko, Andrei A. ^{[3
,4
,5
]}

Mejean, Isabelle ^{[3
,6
]}

机构：

[1] Univ Pompeu Fabra, ICREA, Barcelona GSE, Ramon Trias Fargas 25-27, Barcelona 08005, Spain

[2] CREI, Barcelona, Spain

[3] CEPR, Washington, DC 20009 USA

[4] Univ Michigan, 611 Tappan St, Ann Arbor, MI 48109 USA

[5] NBER, Cambridge, MA 02138 USA

[6] Univ Paris Saclay, Ecole Polytech, CREST, Route Saclay, F-91128 Palaiseau, France

来源：

AMERICAN ECONOMIC REVIEW | 2018年 / 108卷 / 01期

基金：

欧洲研究理事会;

关键词：

AGGREGATE FLUCTUATIONS; TRADE; SPECIALIZATION; SYNCHRONIZATION; INTEGRATION;

D O I：

10.1257/aer.20160091

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the role of individual firms in international business-cycle comovement using data covering the universe of French firm-level value added and international linkages over the period 1993-2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed average correlation of 0.291 in our sample of partner countries.

引用

页码：82 / 108

页数：27

共 39 条

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