Productive Misallocation and International Transmission of Credit Shocks
构建一个校准至美国和加拿大的均衡商业周期模型，研究国际贸易在跨国金融冲击传导中的作用，发现美国金融冲击对加拿大的传导在性质上不同于生产率冲击，且具有不对称性。
ABSTRACT We study the role of international trade in cross‐country financial shock transmission using an equilibrium business cycle model calibrated to the United States and Canada. Heterogeneous firms have differing needs for external finance and face occasionally binding collateral constraints hindering their investments, while input–output linkages drive trade in final goods and intermediate inputs. Transmission of a U.S. financial shock recession into Canada's economy is qualitatively different from productivity shock transmission and asymmetric. We trace the first result to a unique investment channel operating through persistent trade balance adjustments and the second to differences in the two countries' exposure to trade.