Global Value Chains and US Economic Activity During COVID-19

被引：7

作者：

Santacreu, Ana Maria ^{[1
]}

Leibovici, Fernando ^{[1
]}

LaBelle, Jesse ^{[1
]}

机构：

[1] Fed Reserve Bank St Louis, St Louis, MO 63102 USA

来源：

FEDERAL RESERVE BANK OF ST LOUIS REVIEW | 2021年 / 103卷 / 03期

关键词：

D O I：

10.20955/r.103.271-88

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the role of global value chains in the declines of manufacturing employment and output in the U.S. during COVID-19. Specifically, we identify the role of global value chains by exploiting heterogeneity across industries in cross-country sourcing patterns and its interaction with exogenous cross-country variation in the containment policies introduced to combat the virus. We find that global value chains played a significant role in the decline of output and employment across U.S. manufactures. Moreover, we find a modest impact of diversifying or renationalizing global value chains in mitigating the economy's exposure to foreign shocks.

引用

页码：271 / 288

页数：18

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