Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks*
Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks*
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DOI：
10.1093/qje/qjw018
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发表时间：
2016-08-01
影响因子：
13.7
通讯作者：
Sauvagnat, Julien
中科院分区：
文献类型：
--
作者：
Barrot, Jean-Noel;Sauvagnat, Julien
本文研究了企业层面的特质冲击是否在生产网络中传播。我们将特殊冲击与自然灾害的发生联系起来。我们发现，受影响的供应商强加给他们的客户大量的输出损失，特别是当他们生产特定的投入。这些产出损失转化为重大的市场价值损失，并波及到其他供应商。我们的点估计在经济上是大的，这表明输入特异性是一个重要的决定因素，在经济中传播的特质冲击。
This article examines whether firm-level idiosyncratic shocks propagate in production networks. We identify idiosyncratic shocks with the occurrence of natural disasters. We find that affected suppliers impose substantial output losses on their customers, especially when they produce specific inputs. These output losses translate into significant market value losses, and they spill over to other suppliers. Our point estimates are economically large, suggesting that input specificity is an important determinant of the propagation of idiosyncratic shocks in the economy.