Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks*
利用自然灾害作为企业层面异质性冲击，发现受影响的供应商会给客户带来显著产出损失，尤其当投入品专用性强时，损失更大并传导至其他供应商。
Abstract 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.