Firms’ Internal Networks and Local Economic Shocks
利用美国人口普查局的企业数据，研究地方经济冲击如何通过企业内部网络在不同地区间传导，发现企业内就业对远距离冲击敏感，且金融约束越强的企业弹性越大。
Using confidential establishment-level data from the US Census Bureau’s Longitudinal Business Database, this paper documents how local shocks propagate across US regions through firms’ internal networks of establishments. Consistent with a model of optimal within-firm resource allocation, we find that establishment-level employment is sensitive to shocks in distant regions in which the establishment’s parent firm is operating, and that the elasticity with respect to such shocks increases with the firm’s financial constraint. At the aggregate regional level, we find that aggregate county-level employment is sensitive to shocks in distant counties linked through firms’ internal networks.