Distortions and the Structure of the World Economy
将世界经济建模为一个受摩擦影响的内生投入产出系统，研究摩擦变化如何改变全球投入产出结构和GDP，发现内部摩擦对GDP影响远大于外部摩擦，并分析了2007-2009年大衰退中内部摩擦的作用。
We model the world economy as one system of endogenous input-output relationships subject to frictions and study how the world’s input-output structure and world’s GDP change due to changes in frictions. We derive a sufficient statistic to identify frictions from the observed world input-output matrix, which we fully match for the year 2011. We show how changes in internal frictions impact the whole structure of the world’s economy and that they have a much larger effect on world’s GDP than external frictions. We also use our approach to study the role of internal frictions during the Great Recession of 2007–2009.