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Buyer--seller relationships among firms can be regarded as a longitudinalnetwork in which the connectivity pattern evolves as each firm receivesproductivity shocks. Based on a data set describing the evolution ofbuyer--seller links among 55,608 firms over a decade and structural equationmodeling, we find some evidence that interfirm networks evolve reflecting afirm's local decisions to mitigate adverse effects from neighbor firms throughinterfirm linkage, while enjoying positive effects from them. As a result, linkrenewal tends to have a positive impact on the growth rates of firms. We alsoinvestigate the role of networks in aggregate fluctuations.

The gradual evolution of buyer--seller networks and their role in aggregate fluctuations