Firm Networks in the Great Depression
利用制造业普查数据，研究大萧条时期多工厂企业如何通过内部网络在各地工厂间分配资源，发现一个工厂的就业会受到同一企业其他工厂所在地信贷供给冲击的正向影响，揭示了企业在地方经济冲击地理传播中的关键作用。
We study how firms allocate resources across their constituent establishments in response to local economic shocks in the context of the Great Depression. Using establishment-level data from the Census of Manufactures, we find that establishments in multi-plant firms are affected by local shocks in the regions in which the other establishments comprising the firm are located. In particular, establishment employment is positively affected by positive shocks to the local supply of credit to other establishments that make up the firm. Our results show the important role of firms in the geographic propagation of local economic shocks.