On the comparative advantage of US manufacturing: Evidence from the shale gas revolution

• 成果类型: Article
• 署名作者: Arezki, Rabah; Fetzer, Thiemo; Fisch, Frank
• 署名单位: International Monetary Fund; University of Warwick; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2017.03.002
• 发表日期: 2017
• 页码: 34-59
• 关键词: manufacturing; exports; energy prices; Shale gas

摘要

This paper provides novel empirical evidence of the effects of a plausibly exogenous change in relative factor prices on U.S. manufacturing production and trade. The shale gas revolution has led to (very) large and persistent differences in the price of natural gas between the U.S. and the rest of the world reflecting differences in endowment of difficult-to-trade natural gas;Guided by economic theory, empirical tests on output, factor reallocation and international trade are conducted. Results show that U.S. manufacturing exports have grown by about 10% on account of their energy intensity since the onset of the shale revolution. We also document that the U.S. shale revolution is operating both at the intensive and extensive margins. (C) 2017 Elsevier B.V. All rights reserved.