[cid:image002.png@01D08CBF.6C078A20][cid:image003.png@01D08CBF.6C078A20] JOINT VIENNA MACROECONOMICS SEMINAR INVITATION The Joint Vienna Institute and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimmermann.pdf> Tuesday, May 19, 2015 IHS, Stumpergasse 56, 1060 Vienna, HS II 5:00 pm Julian di Giovanni<http://julian.digiovanni.ca/> UPF, Barcelona <http://economics.ucsc.edu/faculty/singleton.php?&singleton=true&cruz_id=hutch> Micro Origins of International Business Cycle Comovement This paper investigates the role of individual firms in international business cycle comovement using data covering the universe of French firm-level value added, bilateral imports and exports, and cross-border ownership over the period 1991-2007. Because internationally connected firms are systematically larger than non-internationally connected firms, the firms directly linked to foreign countries represent less than 10% of all firms, but 58% of all value added. Controlling for firm and country effects, trade in goods with a particular foreign country is associated with a significantly higher correlation between a firm and that foreign country. In addition, foreign multinational affiliates operating in France are significantly more correlated with the source economy. The firm-level impact of direct trade and multinational linkages has significant aggregate implications. Directly connected firms account for three-quarters of the observed aggregate comovement. Without those linkages the correlation between France and foreign countries would fall by about 0.026, or nearly 10% of the observed average business cycle correlation of 0.29 in this sample of countries. These results are evidence of transmission of business cycle shocks through direct trade and multinational ownership linkages at the firm level, and of the important role of granularity in international business cycle comovement. paper jointly with Andrei A. Levchenko and Isabelle Méjean We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics@ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a529d4f7&msa=0&ll=48.195445,16.342984&spn=0.002657,0.006164> on Google maps<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a529d4f7&msa=0&ll=48.195445,16.342984&spn=0.002657,0.006164> JOINT VIENNA MACRO SEMINAR<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40group.calendar.google.com&ctz=Europe/Vienna> on Google calendar<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40group.calendar.google.com&ctz=Europe/Vienna> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> [cid:image008.jpg@01CEA8B6.39ACE730]<http://economics.ihs.ac.at/> [JVI_2011]<http://www.jvi.org/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/FB-f-Logo__blue_512.png]<https://www.facebook.com/IHS.Economics.and.Finance> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-on...] <https://twitter.com/IHS_Eco_Fin> [http://www.ihs.ac.at/vienna/resources/Economics/Others/feed-icon-28x28.png] <http://www.facebook.com/feeds/page.php?id=177236688990366&format=atom10> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107 Abs. 4. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics@ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics@ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l@wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.)