Resumen de The macroeconomic implications of endogenous production networks
This thesis explores the macroeconomic implications of endogenous production networks, defined as the collection of input-output linkages in the economy. In the first chapter, I develop a model of international trade to study how production networks adjust to the forces of globalization. Due to the inefficiency of the market equilibrium, the welfare implications of trade liberalization is ambiguous in general. Calibrating the model to trade data between the United States and the rest of the world, I find that a significant part of the welfare gains from trade arises from the endogenous rearrangement of linkages among firms. The second chapter studies the formation of input-output linkages in the context of economic growth. I establish theoretically that, with endogenous input-output linkages, the static cross-industry difference in linkage fixed costs can lead to different productivity growth rates, which in turn give rise to structural changes. A simple calibration of the model to the U.S. economy suggests that, comparing to a model with a fixed production network, the endogenous adjustment of linkages and the resulting structural changes double the welfare gains from a technology shock that lowers the linkage fixed cost universally.
