This paper incorporates sloping marginal cost curves and their variations across industries into an open macro model, motivated by the fact that industries’ output, imports, and exports are more procyclical when their economies of scale arise from sloping marginal cost curves rather than fixed costs. The model, consistent with the data, delivers endogenous within-firm interdependence across markets and export gains/losses, which reproduce observed industrial business cycle patterns as well as more correlated aggregate business cycles across countries. The findings highlight the importance of marginal cost structures in international business cycle research.

本文将倾斜的边际成本曲线及其在整个行业中的变化纳入一个开放的宏观模型中，这一事实的动机是，当工业的规模，经济规模来自倾斜的边际成本曲线而不是固定成本时，其产出，进口和出口更具顺周期性。该模型与数据一致，提供了跨市场和出口损益的内生企业内部相互依存关系，从而重现了观察到的工业商业周期模式以及各个国家之间更相关的总体商业周期。研究结果强调了边际成本结构在国际商业周期研究中的重要性。