法国预测与国际信息中心：能源和财政冲击：重新评估产业竞争力（英文版）

Energy price shocks never occur in isolation: their impact is shaped by the broader macroeconomic context, in particular by governments' fiscal stance. This paper investigates how two key forces-energy price shocks and demand stimuli induced by fiscal policy-affect industrial performance in advanced economies, and shows that their effects depend critically on trade exposure. Using sector-level data for 30 countries over the period 1978-2022, we find that rising energy prices reduce manufa