Distortions in Production Networks*
研究经济体的生产结构如何决定其对部门扭曲的宏观反应，发现扭曲通过全要素生产率和劳动楔子两个渠道影响总量，并利用2008-09年金融危机量化表明美国投入产出结构将金融扭曲放大了约两倍。
Abstract How does an economy’s production structure determine its macroeconomic response to sectoral distortions? We study a static, multisector framework in which production is organized in an input-output network and production decisions are distorted. Sectoral distortions manifest at the aggregate level via two channels: total factor productivity (TFP) and the labor wedge. We show that near efficiency, distortions have zero first-order effects on TFP and nonzero first-order effects on the labor wedge, and that a sufficient statistic for the latter are the Domar weights. We thereby provide a Hulten-like theorem for the aggregate effects of sectoral distortions. A quantitative application of the model to the 2008–09 financial crisis suggests that the U.S. input-output structure amplified financial distortions by roughly a factor of two during the crisis.