We extend the econometric literature on the role of production networks in the propagation of monetary policy shocks along two dimensions. First, we allow for time-varying industry-specific responses, reflecting non-linearities and heterogeneity in direct transmission channels. Second, we allow for time-varying network structures and dependence. This captures both variation in the structure of the production network and differences in cross-industry demand elasticities. Spillover effects among industries appear to be important in periods of elevated economic and financial uncertainty, often coinciding with tight credit market conditions and financial stress. Cross-sectional differentials can be explained by how close industries are to end-consumers.

中文翻译：

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用于分析美国货币政策的异构网络效应的贝叶斯状态空间建模*

我们将关于生产网络在货币政策冲击传播中的作用的计量经济学文献沿两个维度进行扩展。首先，我们允许随时间变化的行业特定响应，反映直接传输渠道中的非线性和异质性。其次，我们允许随时间变化的网络结构和依赖性。这既反映了生产网络结构的变化，也反映了跨行业需求弹性的差异。在经济和金融不确定性升高的时期，行业之间的溢出效应似乎很重要，通常与信贷市场状况紧张和金融压力相吻合。横截面差异可以用行业与终端消费者的距离来解释。