LEADER 06959oam 22011174 450 001 9910788228403321 005 20230721045731.0 010 $a1-4623-8906-6 010 $a1-4527-1777-X 010 $a9786612843914 010 $a1-282-84391-5 010 $a1-4518-7328-X 035 $a(CKB)3170000000055332 035 $a(EBL)1608420 035 $a(SSID)ssj0000943030 035 $a(PQKBManifestationID)11505583 035 $a(PQKBTitleCode)TC0000943030 035 $a(PQKBWorkID)10975059 035 $a(PQKB)10575526 035 $a(OCoLC)649428705 035 $a(MiAaPQ)EBC1608420 035 $a(IMF)WPIEE2009181 035 $a(EXLCZ)993170000000055332 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPutting the Parts Together : $eTrade, Vertical Linkages, and Business Cycle Comovement /$fAndrei Levchenko, Julian Di Giovanni 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (57 p.) 225 1 $aIMF Working Papers 300 $a"August 2009." 311 $a1-4519-1753-8 327 $aContents; I. Introduction; II. Empirical Strategy and Data; A. Sector-Level and Aggregate Comovement; B. Vertical Linkages and Transmission of Shocks; C. Identification and Interpretation; D. Data and Summary Statistics; III. Results; A. Vertical Production Linkages, Trade, and Comovement; IV. The Impact of Sector-Level Trade on Aggregate Comovement; A. Heterogeneity Across Country Pairs; V. Conclusion; Appendix; I. Logs and Levels Estimates; Tables; 1. Impact of Trade on Comovement at the Sector-Level: Pooled Estimates 327 $a2. Impact of Trade on Comovement at the Sector-Level: Within- and Cross-Sector Estimates3. Impact of Trade on Comovement at the Sector-Level: Vertical Linkage Estimates; 4. Impact of Trade on Comovement at the Sector-Level: Vertical Linkages, Within-and Cross-Sector Estimates; 5. Impact of Trade on Comovement at the Sector-Level: Vertical Linkages and Elas-ticities of Substitution Estimates; 6. Impact of Trade on Aggregate Comovement: Baseline and Within vs. Cross-Sector Estimates; 7. Impact of Trade on Aggregate Comovement: Main Effect vs. Vertical Linkage Esti-mates 327 $a8. Impact of Trade on Comovement for Country-Pair Subsamples: All Specifications9. Impact of Trade on Aggregate Comovement for Subsamples: Main Effect vs. Verti-cal Linkage Estimates; A1. Country Summary Statistics: 1970-99; A2. Subsample Summary Statistics for Manufacturing Sector: 1970-99; A3. Sector Summary Statistics: 1970-99; A4. Estimates of the Impact of Total Bilateral Trade on Aggregate Comovement in Real GDP and Total Manufacturing Real Output; A5. Impact of Trade on Comovement at the Sector-Level: All Specifications for HP-Filtered Data 327 $aB1. Impact of Trade on Comovement at the Aggregate-Level: Trimming ExerciseB2. Impact of Trade on Comovement at the Sector-Level: Trimming Exercise for Levels ..; B3. Impact of Trade on Comovement at the Sector-Level: Trimming Exercise for Logs; B4. Impact of Trade on Comovement at the Sector-Level: Pooled Estimates for Levels; B5. Impact of Trade on Comovement at the Sector-Level: Within- and Cross-Sector Estimates for Levels; B6. Impact of Trade on Comovement at the Sector-Level: Vertical Linkage Estimates for Levels 327 $aB7. Impact of Trade on Comovement at the Sector-Level: Vertical Linkages, Within-and Cross-Sector Estimates for LevelsB8. Impact of Trade on Comovement at the Sector-Level: Vertical Linkages and Elas-ticities of Substitution Estimates for Levels; Figures; 1. Correlation of Real GDP Growth vs. Correlation of Real Manufacturing Output Growth; 2. Correlation of Real Manufacturing Output Growth vs. Trade Ratios; 3. Contour Representation of the BEA Input-Output Matrix for 28 Manufacturing Sec-tors; 4. Impact of Trade on Bilateral Aggregate Correlation Across Country Pairs; References 330 3 $aCountries that trade more with each other exhibit higher business cycle correlation. This paper examines the mechanisms underlying this relationship using a large cross-country industry-level panel dataset of manufacturing production and trade. We show that sector pairs that experience more bilateral trade exhibit stronger comovement. Vertical linkages in production are an important explanation behind this effect: bilateral international trade increases comovement significantly more in cross-border industry pairs that use each other as intermediate inputs. Our estimates imply that these vertical production linkages account for some 30% of the total impact of bilateral trade on the business cycle correlation. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/181 606 $aInternational trade 606 $aBusiness cycles 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aIndustries: Manufacturing$2imf 606 $aTrade Policy$2imf 606 $aInternational Trade Organizations$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)$2imf 606 $aMacroeconomics: Production$2imf 606 $aTrade: General$2imf 606 $aInternational economics$2imf 606 $aManufacturing industries$2imf 606 $aEconomic growth$2imf 606 $aPlurilateral trade$2imf 606 $aManufacturing$2imf 606 $aBusiness cycles$2imf 606 $aProduction growth$2imf 606 $aExports$2imf 606 $aInternational trade$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 607 $aUnited States$2imf 615 0$aInternational trade. 615 0$aBusiness cycles. 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aIndustries: Manufacturing 615 7$aTrade Policy 615 7$aInternational Trade Organizations 615 7$aIndustry Studies: Manufacturing: General 615 7$aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 615 7$aMacroeconomics: Production 615 7$aTrade: General 615 7$aInternational economics 615 7$aManufacturing industries 615 7$aEconomic growth 615 7$aPlurilateral trade 615 7$aManufacturing 615 7$aBusiness cycles 615 7$aProduction growth 615 7$aExports 615 7$aInternational trade 615 7$aProduction 615 7$aEconomic theory 676 $a330.9 700 $aLevchenko$b Andrei$01143204 701 $aDi Giovanni$b Julian$01463978 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788228403321 996 $aPutting the Parts Together$93741588 997 $aUNINA