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The Micro Origins of International Business Cycle Comovement

Julian di Giovanni, Andrei Levchenko and Isabelle Mejean ()

No 981, Working Papers from Barcelona Graduate School of Economics

Abstract: 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.

Keywords: comovement; international trade; firm-level shocks; large firms (search for similar items in EconPapers)
JEL-codes: F44 F61 F62 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-opm and nep-sbm
Date: 2017-07
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Related works:
Journal Article: The Micro Origins of International Business-Cycle Comovement (2018) Downloads
Working Paper: The micro origins of international business cycle comovement (2017) Downloads
Working Paper: The Micro Origins of International Business Cycle Comovement (2016) Downloads
Working Paper: The Micro Origins of International Business Cycle Comovement (2016) Downloads
Working Paper: The Micro Origins of International Business Cycle Comovement (2015) Downloads
Working Paper: The Micro Origins of International Business Cycle Comovement (2015) Downloads
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