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Are Us Gasoline Price Adjustments Asymmetric?

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Author Info
B Bhaskara Rao (University of the South Pacific)
Gyaneshwar Rao (University of the South Pacific)

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Abstract

We use the LSE-Hendry general to specific approach to analyse if US gasoline price adjustments are asymmetric with respect to changes in crude oil prices. Furthermore, we modify some weaknesses in the earlier works by Boreinstein, Cameron and Gilbert (1997) and Bachmeier and Griffin (2003) and shows that if the price adjustment equations are properly specified and estimated, alternative specifications and temporal aggregation of data do not affect the results. Monthly US data are used to show that alternative specifications give equally good results and there is no asymmetry in the US gasoline price adjustments.

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Paper provided by EconWPA in its series Microeconomics with number 0510001.

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Length: 9 pages
Date of creation: 02 Oct 2005
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Handle: RePEc:wpa:wuwpmi:0510001

Note: Type of Document - pdf; pages: 9
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Web page: http://129.3.20.41

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Related research
Keywords: Asymmetric price adjustments; Market power; General to specific approach; Error correction models and Gasoline and crude oil prices;

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Find related papers by JEL classification:
P - Economic Systems
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
Z - Other Special Topics

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Smith, Ron P, 1999. "Unit Roots and All That: The Impact of Time-Series Methods on Macroeconomics," Journal of Economic Methodology, Taylor and Francis Journals, vol. 6(2), pages 239-58, July.
  2. Granger, Clive W J, 1997. "On Modelling the Long Run in Applied Economics," Economic Journal, Royal Economic Society, vol. 107(440), pages 169-77, January. [Downloadable!] (restricted)
  3. Borenstein, Severin & Cameron, A Colin & Gilbert, Richard, 1997. "Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 305-39, February.
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  4. B Bhaskara Rao & Gyaneshwar Rao, 2005. "Crude Oil and Gasoline Prices in Fiji: Is the Relationship Asymmetric?," Microeconomics 0510004, EconWPA. [Downloadable!]
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