COVID-19 Supply Chain Disruptions
研究中国疫情封锁如何通过供应链传导至美国经济，发现对中国中间品进口依赖度高的行业产出、就业和贸易下降更大，但影响在2020年夏季消退。
In the early phase of the COVID-19 crisis, China imposed widespread lockdowns to contain the virus. We study the spillovers from the lockdowns to the US economy. We find that sectors with a high exposure to intermediate goods imports from China experienced significantly larger declines in production, employment, imports, and exports. In addition, relative input and output prices increased in these sectors. At the peak of the recession in April 2020, output was 16% lower in sectors with a one standard deviation higher China exposure. The estimated effects on output, input, and inflation are short-lived and dissipate by summer 2020.