Aggregate Fluctuations and the Network Structure of Intersectoral Trade
Aggregate Fluctuations and the Network Structure of Intersectoral Trade
复制标题
总量波动与部门间贸易的网络结构
DOI：
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发表时间：
2010
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通讯作者：
Vasco M. Carvalho
中科院分区：
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作者：
Vasco M. Carvalho
本文从部门互动的网络视角分析了部门间中间投入的流动。我应用这些工具来说明如何从对单个部门的独立冲击中获得总体经济活动的波动。首先，我描述了美国投入品贸易的网络结构。在需求方面，一个典型的部门依赖于少量的关键投入品，在这方面，部门是同质的。然而，各部门作为投入提供者的作用各不相同：许多专门投入提供者与作为经济枢纽的通用部门并存。然后，我开发了一个跨部门的联系，可以复制这些连接功能的模型。在一个标准的多部门设置，我用这个模型提供的分析表达式连接总的波动性的网络结构的投入贸易。我表明，部门枢纽的存在-通过耦合跨部门的生产决策-导致总量的波动。
This paper analyzes the flow of intermediate inputs across sectors by adopting a network perspective on sectoral interactions. I apply these tools to show how fluctuations in aggregate economic activity can be obtained from independent shocks to individual sectors. First, I characterize the network structure of input trade in the U.S. On the demand side, a typical sector relies on a small number of key inputs and sectors are homogeneous in this respect. However, in their role as input-suppliers sectors do differ: many specialized input suppliers coexist alongside general purpose sectors functioning as hubs to the economy. I then develop a model of intersectoral linkages that can reproduce these connectivity features. In a standard multisector setup, I use this model to provide analytical expressions linking aggregate volatility to the network structure of input trade. I show that the presence of sectoral hubs - by coupling production decisions across sectors - leads to fluctuations in aggregates.