Paper #1574

Título:

The micro origins of international business cycle comovement

Autores:

Julian di Giovanni, Andrei A. Levchenko y Isabelle Mejean

Data:

Febrero 2017

Resumen:

This paper investigates the role of individual firms in international business cycle comovement using data covering the universe of French firm-level value added and international linkages over 1993-2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed average correlation of 0.291 in our sample of partner countries.

Palabras clave:

Comovement, international trade, firm-level shocks, large firms

Códigos JEL:

F44, F61, F62

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

American Economic Review
Con el título:
The Micro Origins of International Business-Cycle Comovement

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