Vertical Specialization and International Business Cycle Synchronization*
研究了垂直专业化（多阶段生产中的商品贸易）如何影响贸易与商业周期同步之间的关系，发现完全竞争下贸易不传递生产率波动，数值模拟显示同步性对贸易强度不敏感，不完全竞争模型可能解决此问题。
Abstract We explore the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and business cycle synchronization across countries. We develop an international business cycle model in which the degree of vertical specialization varies with trade barriers. With perfect competition, we show analytically that fluctuations in measured total factor productivity are not linked across countries through trade. In numerical simulations, we find little dependence of business cycle synchronization on trade intensity. An extension of the model to allow for imperfect competition has the potential to resolve these shortcomings.