This paper offers novel econometric evidence on the contribution of production networks to the effect of monetary shocks on real macroeconomic variables. In particular, we construct a highly disaggregated monthly dataset on US final sectoral consumption to estimate that at least 30% of the effect of monetary shocks on aggregate consumption comes from amplification through input-output linkages, which facilitate downstream propagation of price rigidity. At the sectoral level, we find that the network effect rises in the frequency of price non-adjustment and intermediates intensity. Moreover, the network effect is highly concentrated: sectors that jointly account for 17% of our sample aggregate consumption account for 98% of the amplification. In order to develop our econometric specification, we obtain novel analytical sector-level solutions to a forward-looking New Keynesian model with asymmetric input-output linkages.

本文提供了关于生产网络对货币冲击对实际宏观经济变量影响的贡献的新颖计量经济学证据。特别是，我们针对美国的最终部门消费构建了一个高度分类的月度数据集，以估计至少有30％的货币冲击对总消费的影响来自于投入产出联系的放大，这促进了价格刚性向下游的传播。在部门层面，我们发现网络效应在价格非调整的频率和中间强度方面增加。此外，网络效应高度集中：共同占样本总消费量17％的行业占放大率的98％。为了制定我们的计量经济学规范，