Opposing Firm-Level Responses to the China Shock: Output Competition versus Input Supply
将中国冲击分解为产出冲击和投入供给冲击，发现前者损害企业销售、就业和创新，且集中于低生产率企业，而后者影响相反。
We decompose the “China shock” into two components that induce different adjustments for firms exposed to Chinese exports: an output shock affecting firms selling goods that compete with similar imported Chinese goods, and an input supply shock affecting firms using inputs similar to the imported Chinese goods. Combining French accounting, customs, and patent information at the firm level, we show that the output shock is detrimental to firms’ sales, employment, and innovation. Moreover, this negative impact is concentrated in low-productivity firms. On the other hand, the impact of the input supply shock is reversed.