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Petrol price asymmetries revisited

  • Reilly, Barry
  • Witt, Robert

An error correction model is fitted to monthly data on net retail prices for the United Kingdom over the period January 1982 to June 1995 in order to examine the short-run response of retail petrol prices to changes in input costs and the exchange rate. The hypothesis of a symmetric response by petrol retailers to crude price rises and falls is rejected by the data over the period examined. A similar hypothesis in regard to the exchange rate is also rejected by the data.

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File URL: http://www.sciencedirect.com/science/article/B6V7G-3VCHFV0-C/2/fb86e9e63ba0ba37d991e6025159ab29
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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 20 (1998)
Issue (Month): 3 (June)
Pages: 297-308

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Handle: RePEc:eee:eneeco:v:20:y:1998:i:3:p:297-308
Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  2. Salkever, David S., 1976. "The use of dummy variables to compute predictions, prediction errors, and confidence intervals," Journal of Econometrics, Elsevier, vol. 4(4), pages 393-397, November.
  3. Kremers, Jeroen J M & Ericsson, Neil R & Dolado, Juan J, 1992. "The Power of Cointegration Tests," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 325-48, August.
  4. 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.
  5. Bacon, Robert W., 1991. "Rockets and feathers: the asymmetric speed of adjustment of UK retail gasoline prices to cost changes," Energy Economics, Elsevier, vol. 13(3), pages 211-218, July.
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