| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5468 |
| 来源ID | Working Paper 5468 |
| Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets | |
| Severin Borenstein; Andrea Shepard | |
| 发表日期 | 1996-02-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | We present and test an explanation for lags in the adjustment of wholesale gasoline prices to changes in crude oil prices. Our simple model with costly adjustment of production and inventories implies that output prices will respond with a lag to cost shocks even in the absence of menu costs, imperfect information, and long-term buyer/seller relationships. The model predicts that futures prices for gasoline will adjust incompletely to crude oil price shocks occurring close to the expiration date of the futures contract. We test and confirm this implication. The model also predicts that firms with market power will choose a different price adjustment path than would perfectly competitive firms. We examine the responses of prices in 188 local wholesale gasoline markets and find evidence that greater market power leads to slower output price adjustment. |
| 主题 | Industrial Organization ; Market Structure and Firm Performance ; Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w5468 |
| 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/562927 |
| 推荐引用方式 GB/T 7714 | Severin Borenstein,Andrea Shepard. Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets. 1996. |
| 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 | ||
| w5468.pdf（599KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
