ICEF/LFE Research Seminar by Andrei Levchenko (University of Michigan)

On Tuesday, June 27 at 4.40 pm, room 3211 (Shabolovka str. 26) ICEF and LFE held the Research Seminar in Finance.
Speaker: Andrei Levchenko (University of Michigan)
Theme: "The Micro Origins of International Business Cycle Comovement" joint with Julian di Giovanni and Isabelle Mejean

Abstract: This paper investigates the role of individual rms in international business cycle comovement using data covering the universe of French rm-level value added and international linkages over 1993-2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a signicantly higher correlation between a rm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. Without those linkages the correlation between France and foreign countries would fall by about 0.098, or one-third of the observed averagecorrelation of 0.291 in our sample of partner countries.

 

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