From Micro to Macro via Production Networks

  title={From Micro to Macro via Production Networks},
  author={Vasco Miranda Carvalho},
A modern economy is an intricately linked web of specialized production units, each relying on the flow of inputs from their suppliers to produce their own output, which in turn is routed towards other downstream units. In this essay, I argue that the structure of this production network is key in determining whether and how microeconomic shocks—affecting only a particular firm or technology along the chain—propagate throughout the economy and shape aggregate outcomes. Therefore, understanding… CONTINUE READING
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