Response to â€œEthanol Production and Gasoline Prices: A Spurious Correlationâ€ by Knittel and Smith
AbstractIn a recent working paper, Christopher Knittel and Aaron Smith present an attack on a peer-reviewed paper â€œThe Impact of Ethanol Production on US and Regional Gasoline Markets Relating Ethanol Production to Gasoline Prices" written by myself and Xiaodong Du, and published in 2009 in Energy Policy (Vol. 37 No.8), as well as two subsequent working papers in 2011 and 2012. Our work found that as ethanol production increased, the price of gasoline fell relative to the price of crude oil. Knittel and Smith claim to have refuted this result, and conclude that their â€œEmpirical models that are most consistent with economic theory suggest effects that are near zero and statistically insignificant.â€
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Bibliographic InfoPaper provided by Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University in its series Food and Agricultural Policy Research Institute (FAPRI) Publications with number 12-wp529.
Date of creation: Aug 2012
Date of revision:
Other versions of this item:
- Dermot J. Hayes, 2012. "Response to â€œEthanol Production and Gasoline Prices: A Spurious Correlationâ€ by Knittel and Smith," Center for Agricultural and Rural Development (CARD) Publications 12-wp529, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- NEP-ALL-2012-09-03 (All new papers)
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