Sectoral slowdowns in the United Kingdom: Evidence from transmission probabilities and economic linkages
利用英国央行的资金流量数据，结合网络分析和统计方法，研究英国宏观经济部门之间的经济恶化传染，发现货币金融机构作为冲击吸收器的作用，并识别出最重要的传染渠道。
Summary This paper studies spillovers across macroeconomic sectors in the United Kingdom, using data from the Bank of England's Flow of Funds statistics. We combine two different approaches to quantify the spread of economic deterioration to assess whether sectors with large bilateral economic linkages as measured through network data have a greater statistical likelihood of spillovers between them. The combination of both approaches reveals the Monetary Financial Institutions sector's role as shock absorber and identifies the most important channels of spillovers. The inferential discrepancies between network data and statistical spillovers highlight the contribution of the proposed methodology.