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Crude Oil and Gasoline Prices in Fiji: Is the Relationship Asymmetric?

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Author Info

  • B Bhaskara Rao

    (University of the South Pacific)

  • Gyaneshwar Rao

    (University of the South Pacific)

Abstract

This paper tests and confirms asymmetry in the Fiji gasoline price adjustment equations with respect to changes in the crude oil prices. More satisfactory specifications and estimation are used than in the earlier studies. It is found that two alternative approaches viz., the Granger two-step and the LSE-Hendry general to specific approaches, give similar results. Our results show that oil firms in Fiji seem to adjust gasoline prices twice faster than decrease them.

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File URL: http://128.118.178.162/eps/mic/papers/0510/0510004.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0510004.

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Length: 20 pages
Date of creation: 05 Oct 2005
Date of revision:
Handle: RePEc:wpa:wuwpmi:0510004

Note: Type of Document - pdf; pages: 20
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Web page: http://128.118.178.162

Related research

Keywords: Crude Oil and Gasoline Prices; Asymmetric Price Response; Rockets and Feathers Hypothesis; Granger Two-Step Estimation; the LSE- Hendry General to Specific Approach.;

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References

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  1. Severin Borenstein & A. Colin Cameron, 1992. "Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?," NBER Working Papers 4138, National Bureau of Economic Research, Inc.
  2. Nathan S. Balke & Stephen P. A. Brown & Mine Yücel, 1998. "Crude oil and gasoline prices: an asymmetric relationship?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q 1, pages 2-11.
  3. Kevin D. Hoover & Stephen J. Perez, 1999. "Data mining reconsidered: encompassing and the general-to-specific approach to specification search," Econometrics Journal, Royal Economic Society, vol. 2(2), pages 167-191.
  4. Lance J. Bachmeier & James M. Griffin, 2003. "New Evidence on Asymmetric Gasoline Price Responses," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 772-776, August.
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Citations

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Cited by:
  1. B Bhaskara Rao & Gyaneshwar Rao, 2005. "Are Us Gasoline Price Adjustments Asymmetric?," Microeconomics 0510001, EconWPA.
  2. Perdiguero-García, Jordi, 2013. "Symmetric or asymmetric oil prices? A meta-analysis approach," Energy Policy, Elsevier, vol. 57(C), pages 389-397.
  3. Rao, Gyaneshwar, 2008. "The Relationship between Crude and Refined Product Market: The Case of Singapore Gasoline Market using MOPS Data," MPRA Paper 7579, University Library of Munich, Germany.
  4. Koutroumanidis, Theodoros & Zafeiriou, Eleni & Arabatzis, Garyfallos, 2009. "Asymmetry in price transmission between the producer and the consumer prices in the wood sector and the role of imports: The case of Greece," Forest Policy and Economics, Elsevier, vol. 11(1), pages 56-64, January.

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