Foreign Shocks as Granular Fluctuations

• 成果类型: Article
• 署名作者: di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po)
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/726235
• 发表日期: 2024
• 页码: 391-433
• 关键词: firm-level evidence; INTERNATIONAL-TRADE; vertical specialization; DYNAMICS; origins; GROWTH; IMPACT; gains; transmission; linkages

摘要

This paper uses a dataset covering the universe of French firm-level value-added, imports, and exports and a quantitative multicountry heterogeneous firm model to study the propagation of foreign shocks to the domestic economy. Foreign shocks are transmitted primarily through large firms as they are the most likely to trade internationally. At the micro level, the majority of the GDP impact of foreign shocks is accounted for by the foreign granular residual, a statistic capturing larger firms' greater responsiveness to foreign shocks. At the macro level, firm heterogeneity attenuates the GDP impact of foreign shocks relative to a homogeneous firm counterfactual.