| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4138 |
| 来源ID | Working Paper 4138 |
| Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes? | |
| Severin Borenstein; A. Colin Cameron | |
| 发表日期 | 1992-08-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | Our empirical investigation confirms the common belief that retail gasoline prices react more quickly to increases in crude oil prices than to decreases. Nearly all of the response to a crude oil price increase shows up in the pump price within 4 weeks, while decreases are passed along gradually over 8 weeks. The asymmetry could indicate market power of some producers or distributors, or it could result from inventory adjustment costs. By analyzing price transmission at different points in the distribution chain we investigate these theories. We find that some asymmetry occurs at the level of the competitive spot market for gasoline, perhaps reflecting inventory costs. Wholesale gasoline prices, however, exhibit no asymmetry in responding to crude oil price changes, indicating that refiners who set wholesale prices are not the source of the asymmetry. The most significant asymmetry appears in the response of retail prices to wholesale price changes. We argue that this probably reflects short run market power among retail gasoline sellers. |
| 主题 | Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w4138 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561490 |
| 推荐引用方式 GB/T 7714 | Severin Borenstein,A. Colin Cameron. Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?. 1992. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4138.pdf（914KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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