Global Supply Chains and Trade Policy

We thank Thibault Fally, Nuno Limao, Ralph Ossa, Raymond Robertson, and Robert Staiger for feedback on early drafts. We also thank seminar participants at Berkeley (ARE), Columbia, ETH Zurich, Harvard, Yale, the USITC, the Dartmouth/SNU Workshop on International Trade Policy and Institutions, the CEPR/ECARES/CAGE Global Fragmentation of Production and Trade Policy Workshop, the Third IMF/WB/WTO Joint Trade Workshop, the 2015 AEA Annual Meetings, the 2015 NBER ITI Spring Meetings, the 2015 EIIT Conference, and the 2015 Southern Economic Association Meetings for helpful comments. Bown acknowledges financial support from the World Bank's Multi-Donor Trust Fund for Trade and Development. This research was partly completed while Blanchard and Johnson were paid consultants for the World Bank. Carys Golesworthy provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.