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Supply and demand shocks with international production networks

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  • Thomas Persson

Abstract

In this paper, we investigate how the global economy responds to supply and demand shocks, and show how the role of international production networks compared a network-irrelevant benchmark. Model-based simulation results suggest that international production networks are important for understanding the macroeconomic effects of COVID-19 and role played by input-output linkages is more subtle than one might at first imagine.

Suggested Citation

  • Thomas Persson, 2020. "Supply and demand shocks with international production networks," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 63(3), pages 27-44.
    • Handle: RePEc:eei:journl:v:63:y:2020:i:3:p:27-44
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    More about this item

    Keywords

    COVID-19; supply shocks; demand shocks; international production networks;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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