Increasing Business Cycles Synchronization: The Role of Global Value Chains, Market Power and Extensive Margin Adjustments
François de Soyres and
Alexandre Gaillard ()
No 2019-12-13-3, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)
In this note, based on de Soyres and Gaillard (2019a, 2019b), we argue that the propagation of shocks across countries through trade linkages is large and propose the first model that accounts for such propagation with a magnitude in line with the data.
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