Trade and the propagation of global shocks
构建了一个跨期国际经济学模型，研究可贸易中间品如何通过价格变化在全球传播冲击，发现对全球产出影响小的冲击可能对特定国家和行业产生显著且方向相反的影响。
Abstract We study the diffusion of shocks across countries. We develop an intertemporal model of the international economy, where tradable intermediate goods are used in the production of non‐tradable consumption and investment goods. International prices are endogenous, and their response to shocks triggers propagation across countries and industries. Each nation is affected differently depending on preferences, technology and endowment, which determine its comparative advantages. We use our calibrated model to perform counterfactual exercises reproducing some recent key world events. Shocks that have relatively minor aggregate effects in global output are found to impact countries and industries significantly and in opposite directions.