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The U.S. Manufacturing Recovery: Uptick or Renaissance?
Author/Editor: Oya Celasun, Gabriel Di Bella, Tim Mahedy, Chris Papageorgiou
Release Date: © February, 2014
ISBN : 978-1-48430-182-1
Stock #: WPIEA2014028
Stock Status: On back-order
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The notable rebound of U.S. manufacturing activity following the Great Recession has raised the question of whether the sector might be experiencing a renaissance. Using panel regressions, we find that a depreciating real exchange rate, an increasing spread in natural gas prices between the United States and other G-7 countries, and in particular decreasing unit labor costs have had a positive impact on U.S. manufacturing production. While we find it unlikely for manufacturing to become a main engine of growth in the United States, we find that U.S. manufacturing exports could provide nonnegligible growth opportunities going forward.
More publications in this series: Working Papers