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The U.S. Manufacturing Recovery: Uptick or Renaissance?

Author

Listed:
  • Oya Celasun
  • Gabriel Di Bella
  • Tim Mahedy
  • Mr. Chris Papageorgiou

Abstract

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.

Suggested Citation

  • Oya Celasun & Gabriel Di Bella & Tim Mahedy & Mr. Chris Papageorgiou, 2014. "The U.S. Manufacturing Recovery: Uptick or Renaissance?," IMF Working Papers 2014/028, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2014/028
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    References listed on IDEAS

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    1. Herrendorf, Berthold & Rogerson, Richard & Valentinyi, Ákos, 2014. "Growth and Structural Transformation," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 855-941, Elsevier.
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    Cited by:

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    2. Mar Reguant & Meredith Fowlie, 2017. "Measuring and Mitigating Leakage Risk," 2017 Meeting Papers 383, Society for Economic Dynamics.

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