The Micro Origins of International Business-Cycle Comovement
利用1993-2007年法国企业层面数据，发现企业与外国的贸易和跨国联系显著提高了其与该国的相关性，这些微观联系对宏观协同有重要影响，若无则法外相关性下降约0.098。
This paper investigates the role of individual firms in international business-cycle comovement using data covering the universe of French firm-level value added and international linkages over the period 1993–2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed average correlation of 0.291 in our sample of partner countries.