NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Firms' Internal Networks and Local Economic Shocks

Xavier Giroud, Holger M. Mueller

NBER Working Paper No. 23176
Issued in February 2017

---- Acknowledgments ----

We thank Scott Baker, Martin Beraja, David Berger, Nick Bloom, Itamar Drechsler, Xavier Gabaix, Ben Keys, Pat Kline, Theresa Kuchler, Andres Liberman, Atif Mian, Ben Moll, Enrico Moretti, Daniel Paravisini, Thomas Philippon, Tomasz Piskorski, Alexi Savov, Ben Schoefer, Johannes Stroebel, Amir Sufi, Stijn van Nieuwerburgh, Joe Vavra, Gianluca Violante, Danny Yagan, and seminar participants at Princeton, Berkeley, MIT, Columbia, NYU, Boulder, Fed Board, Zurich, St. Gallen, and the NBER Summer Institute for helpful comments. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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