U.S. manufacturing and the importance of international trade: it’s not what you think
The public often gauges the strength of the U.S. economy by the performance of the manufacturing sector, especially by changes in manufacturing employment. When such employment declines, as has been the trend for many years, it is often assumed to be evidence of the slow death of U.S. manufacturing and an associated rise in imports. This article outlines key trends in U.S. manufacturing, especially the strong performance of manufacturing output and productivity, and their connection to both exports and imports. The authors use ordinary regression, causality, and cointegration analyses to provide empirical evidence for the positive role of imports in boosting manufacturing output. Policies to bolster exports at the expense of imports would significantly harm U.S. manufacturing.
Volume (Year): (2013)
Issue (Month): Jan ()
|Contact details of provider:|| Postal: P.O. Box 442, St. Louis, MO 63166|
Web page: http://www.stlouisfed.org/
More information through EDIRC
|Order Information:|| Web: https://research.stlouisfed.org/publications/ Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kevin L. Kliesen & William Poole, 2000. "Agriculture outcomes and monetary policy actions: Kissin' cousins?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-12.
- Susan N. Houseman & Christopher Kurz & Paul Lengermann & Benjamin Mandel, .
"Offshoring Bias in U.S. Manufacturing,"
Upjohn Working Papers and Journal Articles
snh20112, W.E. Upjohn Institute for Employment Research.
- John A. Tatom, 1988. "The link between the value of the dollar, U.S. trade and manufacturing output: some recent evidence," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 24-37.
- Michael D. Bordo & Joseph G. Haubrich, 2012.
"Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record,"
NBER Working Papers
18194, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Joseph G. Haubrich, 2012. "Deep recessions, fast recoveries, and financial crises: evidence from the American record," Working Paper 1214, Federal Reserve Bank of Cleveland.
- Tatom John A, 2007. "The US-China Currency Dispute: Is a Rise in the Yuan Necessary, Inevitable or Desirable?," Global Economy Journal, De Gruyter, vol. 7(3), pages 1-15, October.
When requesting a correction, please mention this item's handle: RePEc:fip:fedlrv:y:2013:i:january:p:27-50:n:v.95no.1. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anna Xiao)
If references are entirely missing, you can add them using this form.