Networks and Economic Fragility
这篇综述探讨了嵌入相互依赖网络中的企业、银行等经济主体在遭受局部或中等冲击后可能同时出现功能或生产率急剧下降的现象，分析了决定网络脆弱性的关键结构特征（如相变），并讨论了市场参与者和规划者的内生决策对脆弱性的影响。
Many firms, banks, or other economic agents embedded in a network of codependencies may experience a contemporaneous, sharp drop in functionality or productivity following a shock—even if that shock is localized or moderate in magnitude. We offer an extended review of motivating evidence that such fragility is a live concern in supply networks and in financial systems. We then discuss network models of fragility, focusing on the forces that make aggregate functionality especially sensitive to the economic environment. The key structural features of networks that determine their fragility are reviewed, with an emphasis on the importance of phase transitions. We then turn to endogenous decisions, both by market participants (e.g., firms investing in network formation and robustness) and by planners (e.g., authorities undertaking macroprudential regulation). Fragility has some distinctive implications for such decisions.