Julian di Giovanni
Biographic Data
| ID | 5851377 |
|---|---|
| NAME | Julian di Giovanni |
| GIVEN NAMES | Julian |
| FAMILY NAME | di Giovanni |
| SIGNATURE | DI GIOVANNI J |
| AFFILIATIONS | International Monetary Fund |
| ORCID | 0000-0002-6864-6401 |
| VERIFIED | Yes |
| TOTAL WORKS | 5 |
| TOTAL CITATIONS | 14 |
| AUTHOR COUNT | 5 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2009 |
| LATEST PUBLICATION YEAR | 2023 |
| H-INDEX | 1 |
Foreign Shocks as Granular Fluctuations
This paper uses a data set covering the universe of French firm-level sales, imports, and exports over the period 1993-2007 and a quantitative multi-country model to study the international transmission of business cycle shocks at both the micro and the macro levels. The largest firms are both important enough to generate aggregate fluctuations (Gabaix 2011), and most likely to be internationally connected. This implies that foreign shocks are tr…
Country Size, International Trade, and Aggregate Fluctuations in Granular Economies
This paper proposes a new mechanism by which country size and international trade affect macroeconomic volatility. We study a model with heterogeneous firms that are subject to idiosyncratic firm-specific shocks, calibrated to data for the 50 largest economies in the world. When the firm size distribution follows a power law with an exponent close to minus one, idiosyncratic shocks to large firms have an impact on aggregate volatility. Smaller co…
Power laws in firm size and openness to trade: Measurement and implications
Trade Openness and Volatility
This paper examines the mechanisms through which output volatility is related to trade openness using an industry-level panel data set of manufacturing production and trade. The main results are threefold. First, sectors more open to international trade are more volatile. Second, trade is accompanied by increased specialization. These two forces imply increased aggregate volatility. Third, sectors that are more open to trade are less correlated w…
Following Germany's Lead: Using International Monetary Linkages to Estimate the Effect of Monetary Policy on the Economy
Forward-looking behavior on the part of the monetary authority makes it difficult to estimate the effect of monetary policy interventions on output. We present instrumental variables estimates of the impact of interest rates on quarterly real output for several European countries, using German interest rates as the instrument. These estimates confirm a strong forward-looking bias in least squares estimates that persists even conditional on standa…
Country Size, International Trade, and Aggregate Fluctuations in Granular Economies
This paper proposes a new mechanism by which country size and international trade affect macroeconomic volatility. We study a model with heterogeneous firms that are subject to idiosyncratic firm-specific shocks, calibrated to data for the 50 largest economies in the world. When the firm size distribution follows a power law with an exponent close to minus one, idiosyncratic shocks to large firms have an impact on aggregate volatility. Smaller co…
Trade Openness and Volatility
This paper examines the mechanisms through which output volatility is related to trade openness using an industry-level panel data set of manufacturing production and trade. The main results are threefold. First, sectors more open to international trade are more volatile. Second, trade is accompanied by increased specialization. These two forces imply increased aggregate volatility. Third, sectors that are more open to trade are less correlated w…
Following Germany's Lead: Using International Monetary Linkages to Estimate the Effect of Monetary Policy on the Economy
Forward-looking behavior on the part of the monetary authority makes it difficult to estimate the effect of monetary policy interventions on output. We present instrumental variables estimates of the impact of interest rates on quarterly real output for several European countries, using German interest rates as the instrument. These estimates confirm a strong forward-looking bias in least squares estimates that persists even conditional on standa…
Power laws in firm size and openness to trade: Measurement and implications
Country Size, International Trade, and Aggregate Fluctuations in Granular Economies
This paper proposes a new mechanism by which country size and international trade affect macroeconomic volatility. We study a model with heterogeneous firms that are subject to idiosyncratic firm-specific shocks, calibrated to data for the 50 largest economies in the world. When the firm size distribution follows a power law with an exponent close to minus one, idiosyncratic shocks to large firms have an impact on aggregate volatility. Smaller co…
Foreign Shocks as Granular Fluctuations
This paper uses a data set covering the universe of French firm-level sales, imports, and exports over the period 1993-2007 and a quantitative multi-country model to study the international transmission of business cycle shocks at both the micro and the macro levels. The largest firms are both important enough to generate aggregate fluctuations (Gabaix 2011), and most likely to be internationally connected. This implies that foreign shocks are tr…
Economics (5 works) · Econometrics (4 works) · Monetary economics (4 works) · Global trade and economics (3 works) · Complex Systems and Time Series Analysis (2 works) · International economics (2 works) · Monetary policy (2 works) · Monetary Policy and Economic Impact (2 works) · Openness to experience (2 works) · Small open economy (2 works)