The Micro Origins of International Business-Cycle Comovement

• 成果类型: Article
• 署名作者: di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
• 署名单位: ICREA; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research; Universite Paris Saclay; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20160091
• 发表日期: 2018
• 页码: 82-108
• 关键词: aggregate fluctuations; TRADE; specialization; Synchronization; integration

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.