摘要：This paper develops a simple model of shock transmission through an input-output network. The impact of a negative
shock on distant nodes is related to the eigenvector centrality scores of those nodes. This finding is independent of
production technology, and flows only from the structure of the network. Econometric models using data from the
2008-2009 Financial Crisis lend strong support to the model: centrality has a significant, negative impact on output
changes following the crisis. Network structure, covering interlinkages among all sectors of the economy, not just the
locus of a shock, therefore has a significant impact on propagation.
