Input-output linkages facilitate expectations-driven fluctuations. Signals about yet-to-be-realized aggregate (macro) and idiosyncratic (micro) fundamentals in the future affect current equilibrium outcome through chains of input needs when inputs require time to build. Depending on their importance on these chains, firms respond differently to common signals. The network structure, together with input time to build, determines the magnitude of signal-induced aggregate fluctuations. Macro signals need large input shares on average to produce sizable aggregate volatility, whereas micro signals require cross-sectional variations of input importance. Changing input time to build and altering the network structure have similar effects on equilibrium outcomes.

投入产出联系促进了预期驱动的波动。当输入需要时间来构建时，关于将来尚未实现的合计（宏观）和特质（微观）基本面的信号会通过输入需求链影响当前的均衡结果。根据它们在这些链上的重要性，企业对共同信号​​的反应不同。网络结构以及构建所需的输入时间决定了信号引起的总体波动幅度。宏信号平均需要大量输入份额才能产生可​​观的总体波动性，而微信号则需要输入重要性的横截面变化。更改输入时间以构建和更改网络结构对平衡结果具有相似的影响。