This paper provides new empirical evidence on the impact of the shale gas revolution on manufacturing output and trade in the United States. The shale gas boom has led to significant and persistent regional price differences in natural gas between the United States and the rest of the world. The results show that lower natural gas prices in the United States compared to Europe have led to industrial activity and investment increasing by nearly 3% and 2%, respectively. We also provide empirical evidence of structural breaks in the relationship between natural gas prices and both imports and exports. Finally, we suggest that while the shale gas revolution has helped some industries to expand, its impact on the manufacturing sector as a whole has been relatively weak.

本文为页岩气革命对美国制造业产出和贸易的影响提供了新的经验证据。页岩气的繁荣导致美国与世界其他地区之间的天然气区域价格差异显着且持续存在。结果表明，与欧洲相比，美国较低的天然气价格导致工业活动和投资分别增加了近 3% 和 2%。我们还提供了天然气价格与进出口之间关系结构性断裂的经验证据。最后，我们认为，虽然页岩气革命帮助了一些行业的扩张，但它对整个制造业的影响相对较弱。