000			01191nam a22001577a 4500
999			_c520994 _d520994
008			221207b ||||| |||| 00| 0 eng d
100			_aCaliendo, L., Parro, F. and Tsyvinski A. _935759
245			_aDistortions and the structure of the world economy
260			_aAmerican Economic Journal: Macroeconomics
300			_a14(4), Oct, 2022: p.274-308
520			_aWe model the world economy as one system of endogenous input-output relationships subject to frictions and study how the world's input-output structure and world's GDP change due to changes in frictions. We derive a sufficient statistic to identify frictions from the observed world input-output matrix, which we fully match for the year 2011. We show how changes in internal frictions impact the whole structure of the world's economy and that they have a much larger effect on world's GDP than external frictions. We also use our approach to study the role of internal frictions during the Great Recession of 2007–2009. – Reproduced
650			_aWorld economy, Great Recession, World's GDP _935760
773			_aAmerican Economic Journal: Macroeconomics
906			_aECONOMIC DEVELOPMENT
942			_cAR