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Rising natural gas prices and real economic activity

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  • Kevin L. Kliesen

Abstract

In the aftermath of the disruptions caused by hurricanes Katrina and Rita, natural gas prices rose to record-high levels. Because natural gas is an important energy source for the U.S. economy, there was widespread concern that these high prices might cause a significant slowing in the economy - especially among those manufacturing industries that heavily consume natural gas. The analysis presented in this article suggests that output is responsive to natural gas prices in some manufacturing sectors. Although perhaps significant, this result must be balanced against the finding that, when the analysis is extended to the macroeconomy (real gross domestic product growth), increases in crude oil prices significantly predict real gross domestic product growth, but natural gas prices do not.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2006)
Issue (Month): Nov ()
Pages: 511-526

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Handle: RePEc:fip:fedlrv:y:2006:i:nov:p:511-526:n:v.88no.6

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Keywords: Gasoline - Prices ; Economic conditions;

References

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  1. Martin Neil Baily, 1981. "Productivity and the Services of Capital and Labor," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 1-66.
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Cited by:
  1. Arora, Vipin, 2013. "Aggregate impacts of recent U.S. natural gas trends," MPRA Paper 43708, University Library of Munich, Germany.
  2. Arora, Vipin & Lieskovsky, Jozef, 2012. "Natural Gas and U.S. Economic Activity," MPRA Paper 42659, University Library of Munich, Germany.
  3. YĆ½lmaz BAYAR & Cuneyt KILIC, 2014. "Effects of Oil and Natural Gas Prices on Industrial Production in the Eurozone Member Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 4(2), pages 238-247.
  4. Vipin Arora & Yiyong Cai, 2014. "U.S. Natural Gas Exports and their Global Impacts," CAMA Working Papers 2014-22, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. C. Emre Alper & Orhan Torul, 2009. "Asymmetric Effects of Oil Prices on the Manufacturing Sector in Turkey," Working Papers 2009/06, Bogazici University, Department of Economics.
  6. Payne, James E. & Loomis, David G. & Wilson, Renardo, 2011. "Residential Natural Gas Demand in Illinois: Evidence from the ARDL Bounds Testing Approach," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 41(2).

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