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Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement
Abstract
Countries that trade more with each other exhibit higher business cycle correlation. This paper examines the mechanisms underlying this relationship using a large cross-country, industry-level panel dataset of manufacturing production and trade. We show that sector pairs that experience more bilateral trade exhibit stronger comovement. Vertical linkages in production are an important explanation behind this effect: bilateral international trade increases comovement significantly more in cross-border industry pairs that use each other as intermediate inputs. Our estimates imply that these vertical production linkages account for some 30 percent of the total impact of bilateral trade on the business cycle correlation. (JEL E32, F14, F43)
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Citations
Cited by
Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tōhoku Earthquake
Boehm, C. E., Flaaen, A., & Pandalai-Nayar, N. (2019) · The Review of Economics and Statistics · doi:10.1162/rest_a_00750 · Cited by 616
Firms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
The evolution of comparative advantage: Measurement and welfare implications
Levchenko, A. A., & Zhang, J. (2016) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2016.01.005 · Cited by 211
Self-citationTrade networks and colonial trade spillovers
Berthou, A., & Ehrhart, H. (2017) · Review of International Economics · doi:10.1111/roie.12288 · Cited by 27
Metadata
- Authors
- di Giovanni, J., & Levchenko, A. A.
- Venue
- American Economic Journal: Macroeconomics
- Publisher
- American Economic Association
- Published
- 2010-04-01
- Volume
- 2
- Issue
- 2
- Pages
- 95-124
- ISSN
- 1945-7707 (ISSN-L)
- 1945-7715
- OpenAlex
- W1980074098
- Cited by
- 279
- References
- 0
- FWCI
- 44.50
- Type
- journal article
- Language
- en
- Open access
- closed
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- di Giovanni, J., & Levchenko, A. A. (2010). Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement. American Economic Journal: Macroeconomics. https://doi.org/10.1257/mac.2.2.95
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