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Working Paper
The Energy Boom and Manufacturing in the United States
This paper examines the response of U.S. manufacturers to changes in competitiveness brought about by movements in the price of natural gas. I estimate the response of various measures of manufacturing activity using panel regression methods across roughly 80 industries that allow each industry's response to vary with its energy intensity. These estimates suggest that the fall in the price of natural gas since 2006 is associated with a 2 to 3 percent increase in activity for the entire manufacturing sector, with much larger effects of 30 percent or more for the most energy intensive ...
Why “Paying in Rubles” May Prove Irrelevant
Russia’s recent decree to 'unfriendly' buyers of its natural gas may not make a great deal of difference in economic terms.
Journal Article
A Shutoff of Russian Natural Gas
A shutoff of Russian natural gas to Europe will produce heterogenous effects that reflect local winter weather, national dependence on such flows, and policy responses.
Journal Article
The Increased Tradability of Natural Gas
Technological developments have increased the tradability of natural gas. Researchers Leibovici and Dunn identify potential bottlenecks that may limit growth in this market.
Working Paper
A Broader Perspective on the Inflationary Effects of Energy Price Shocks
Consumers purchase energy in many forms. Sometimes energy goods are consumed directly, for instance, in the form of gasoline used to operate a vehicle, electricity to light a home or natural gas to heat a home. At other times, the cost of energy is embodied in the prices of goods and services that consumers buy, say when purchasing an airline ticket or when buying online garden furniture made from plastic to be delivered by mail. Previous research has focused on quantifying the pass-through of the price of crude oil or the price of motor gasoline to U.S. inflation. Neither approach accounts ...