A Dynamic Model of Input–Output Networks
构建了一个包含投入调整成本的动态投入产出网络模型，发现上游部门临时冲击的福利影响远超其Domar权重，并通过美国生产网络的谱分析揭示其低维因子结构。
Abstract We develop a dynamic model of input–output networks that incorporates adjustment costs of changing inputs. Our closed-form solution for the dynamics of the economy shows that temporary shocks to upstream sectors, whose output travels through long supply chains, have disproportionately significant welfare impact compared to affected sectors’ Domar weights. We conduct a spectral analysis of the U.S. production network and reveal that the welfare impact of temporary sectoral shocks can be represented by a low-dimensional, 3-factor structure.