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Working paper Banque de France
The Many Channels of Firm’s Adjustment to Energy Shocks: Evidence from France

 Working Paper Series no. 929.

Based on firm level data in the French manufacturing sector, we find that firms adapt quickly, strongly and through multiple channels to energy shocks, even though electricity and gas bills represent a small share of their total costs. Over the period 1996-2019, faced with an idiosyncratic energy price increase, firms reduce their energy demand, improve their energy efficiency, increase intermediate inputs imports and optimize energy use across plants. Firms are also able to pass-through the cost shock fully into their export prices.

16 November 2023

The Banque de France is at your service

At your service | Businesses

Help and support for company directors

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At your service | Banque de France

Designing and manufacturing banknote paper and banknotes

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All statistics

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Eco Notepad 15 November 2023

A measure of efficiency in the use of labour resources: beyond productivity

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ABC de l’économie

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At your service | Banque de France

Discover the International Banking and Finance Institute

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Report 22 March 2023

Banque de France Annual Report 2022

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3-minute guide to monetary strategy

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Climate change

What is the Banque de France doing to combat global warming?

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The Banque de France is a key player in the cash industry and works with its customers to modernise the sector


The Bank supports and adds to collective initiatives to combat global warming
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