期刊
QUARTERLY JOURNAL OF ECONOMICS
卷 135, 期 4, 页码 2187-2253出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/qje/qjaa018
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资金
- National Science Foundation CAREER [1555155]
- Divn Of Social and Economic Sciences
- Direct For Social, Behav & Economic Scie [1555155] Funding Source: National Science Foundation
How does an economy's production structure determine its macroeconomic response to sectoral distortions? We study a static, multisector framework in which production is organized in an input-output network and production decisions are distorted. Sectoral distortions manifest at the aggregate level via two channels: total factor productivity (TFP) and the labor wedge. We show that near efficiency, distortions have zero first-order effects on TFP and nonzero first-order effects on the labor wedge, and that a sufficient statistic for the latter are the Domar weights. We thereby provide a Hulten-like theorem for the aggregate effects of sectoral distortions. A quantitative application of the model to the 2008-09 financial crisis suggests that the U.S. input-output structure amplified financial distortions by roughly a factor of two during the crisis.
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