Domestic linkages and the transmission of commodity price shocks

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-01-01 DOI:10.1016/j.jinteco.2024.104041

Damian Romero

引用次数: 0

Abstract

This paper studies the role of input–output (IO) linkages in the propagation of commodity price shocks. We present empirical evidence documenting a positive correlation between commodity prices and GDP that decreases in the intensity of production linkages between the commodity sector and the rest. In a model for a small open economy, stronger linkages reduce the demand for inputs by the commodity sector, dampening the response of real GDP after a positive commodity price shock. A calibrated version of the model shows that the elasticity of GDP would be 6% lower if the commodity sector had been 5% more connected.

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国内联系和商品价格冲击的传导

本文研究了投入产出联系在商品价格冲击传播中的作用。我们提出了经验证据，证明商品价格与GDP之间存在正相关关系，这降低了商品部门与其他部门之间的生产联系强度。在一个小型开放经济体的模型中，更强的联系减少了大宗商品部门对投入物的需求，抑制了大宗商品价格正面冲击后实际GDP的反应。该模型的一个校正版本表明，如果大宗商品部门的关联度提高5%，GDP的弹性将降低6%。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.