Supply Chain Disruptions, Supplier Capital, and Financial Constraints

Ernest Liu, Yukun Liu, Vladimir Smirnyagin and Aleh Tsyvinski
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Ernest Liu: Princeton University
Yukun Liu: Rochester University
Vladimir Smirnyagin: University of Virginia
Aleh Tsyvinski: Yale University

No 2402R1, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We study the impact of supply chain disruptions on U.S. firms based on the universe of seaborne shipment-level import transactions from 2013 to 2023. The granularity of the data allows us to build an index of firm-level disruptions of international suppliers and introduce a comprehensive set of stylized facts for supply chain relationships in the cross-section of firms. We build a general equilibrium heterogeneous firms model with two types of capital stocksÑphysical and international supplier capitals. Accumulation of supplier capital is an important endogenous margin of adjustment, and limiting this ability substantially delays recovery, especially in financially constrained firms.

Pages: 66 pages
Date: 2024-02-13
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