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

  • B Bhaskara Rao

    (University of the South Pacific)

  • Gyaneshwar Rao

    (University of the South Pacific)

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://econwpa.repec.org/eps/mic/papers/0510/0510004.pdf
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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
Contact details of provider: Web page: http://econwpa.repec.org

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  1. 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.
  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. 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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