Estimating Retail Gasoline Price Dynamics
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Estimating Retail Gasoline Price Dynamics
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Author : George Deltas
language : en
Publisher:
Release Date : 2018
Estimating Retail Gasoline Price Dynamics written by George Deltas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The study shows that much of the variation in the findings of the literature on retail gasoline price dynamics is systematic rather than sample variation from using different data. Estimates of pass-through rates depend systematically on research design and features of the data, such as the sampling frequency, the choice of upstream price, whether taxes are included or not, the sample length, and the postulated lag structure. In addition, there are systematic differences between time periods and countries. Using a 20 year-long dataset of 28 European Union countries we quantify the extent of estimate variation that arises from the choice of data structure from that arising from temporal and country heterogeneity and sampling variation. We also show that country heterogeneity itself has systematic components, with wealthier countries experiencing slower adjustments. Our results inform the interpretation of results on pass-through rates derived from Error Correction Models. They are also of relevance for the broader literature estimating the transmission of price shocks in the economy.
Dynamic Fuel Price Pass Through
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Author : Mr.Kangni R Kpodar
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-18
Dynamic Fuel Price Pass Through written by Mr.Kangni R Kpodar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-18 with Business & Economics categories.
This paper assesses the dynamic pass-through of crude oil price shocks to retail fuel prices using a novel database on monthly retail fuel prices for 162 countries. The impulse response functions suggest that on average, a one cent increase in crude oil prices per liter translates into a 1.2 cent increase in the retail gasoline price at peak level six months after the shock. However, the estimates vary significantly across country groups, ranging from about 0.5 cent in MENA countries to two cents in advanced economies. The results also show that positive oil price shocks have a larger impact than negative price shocks on the retail gasoline price. Finally, the paper underscores the importance of the new dataset in refining estimates of the fiscal cost of incomplete pass-through.
Dynamic Pricing In Retail Gasoline Markets
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Author : Severin Borenstein
language : en
Publisher:
Release Date : 1993
Dynamic Pricing In Retail Gasoline Markets written by Severin Borenstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Gasoline categories.
This paper tests for price patterns in retail gasoline markets consistent with those predicted by models of implicit collusion among firms. Recent supergame models show that the highest supportable collusive price is a function of today's profit relative to expected future profit: collusive prices are higher when predictable changes in demand or cost lead firms to expect that collusive profits are increasing rather than declining. Ceteris paribus, collusive profits will be expected to increase when demand is expected to increase and/or costs are expected to decline. Using panel data on sales volume, and retail and wholesale prices in 59 cities over 72 months, we find results consistent with these predictions. Controlling for current demand and input price, the elasticity of current retail margins with respect to expected next-month demand is about 0.37. The elasticity of current margins with respect to next-month wholesale price is about -0.37. The results are inconsistent with inventory effects.
Gasoline Price Changes The Dynamic Of Supply Demand And Competition
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Author :
language : en
Publisher: DIANE Publishing
Release Date : 2005
Gasoline Price Changes The Dynamic Of Supply Demand And Competition written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Gasoline categories.
Dynamic Models Of Price Changes
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Author : Michael Connelly Davis
language : en
Publisher:
Release Date : 2001
Dynamic Models Of Price Changes written by Michael Connelly Davis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Autoregression (Statistics) categories.
Retail Gasoline Price Dynamics And Local Market Power
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Author : George Deltas
language : en
Publisher:
Release Date : 2008
Retail Gasoline Price Dynamics And Local Market Power written by George Deltas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Using monthly data from the 48 contiguous states (except Nevada) for the 1988-2002 period, it is shown that retail gasoline prices respond faster to wholesale price increases than to equivalent wholesale price decreases. Moreover, markets with high average retail-wholesale margins experience a slower adjustment and a more asymmetric response. Since gasoline is the only variable input, average margins in a state likely reflect the degree of retail market power. This suggests that sticky prices and response asymmetries in the gasoline market are, at least partially, a consequence of retail market power.
The Distributional Implications Of The Impact Of Fuel Price Increases On Inflation
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Author : Mr. Kangni R Kpodar
language : en
Publisher: International Monetary Fund
Release Date : 2021-11-12
The Distributional Implications Of The Impact Of Fuel Price Increases On Inflation written by Mr. Kangni R Kpodar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-12 with Business & Economics categories.
This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Prices And Consumer Information
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Author : Alex Maurizi
language : en
Publisher:
Release Date : 1978
Prices And Consumer Information written by Alex Maurizi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Business & Economics categories.
Price Response Asymmetry And Spatial Differentiation In Local Retail Gasoline Markets
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Author : Jeremy A. Verlinda
language : en
Publisher:
Release Date : 2007
Price Response Asymmetry And Spatial Differentiation In Local Retail Gasoline Markets written by Jeremy A. Verlinda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Gasoline categories.
Asymmetries In Retail Gasoline Price Dynamics And Local Market Power
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Author : George Deltas
language : en
Publisher:
Release Date : 2007
Asymmetries In Retail Gasoline Price Dynamics And Local Market Power written by George Deltas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Using monthly data from the 48 contiguous states (except Nevada) for the 1988-2002 period, it is shown that retail gasoline prices respond faster to wholesale price increases than to equivalent wholesale price decreases. Moreover, markets with high average retail-wholesale margins experience a slower adjustment and a higher degree of asymmetry. These results are robust to whether or not an error correction term is used, and to a number of other specifications. Since gasoline is the only variable input, one could reasonably assume that average margins in a state reflect the degree of market power at the retail level. This suggests that sticky prices and response asymmetries in the gasoline market are, at least partially, a consequence of retail market power, raising the possibility that slow price adjustments and asymmetric price responses could be used as an indicator of potential departure from perfect competition. It is also shown that out-of-sample forecasts based on asymmetric models yield substantially better predictions for the path of retail prices than forecasts based on the symmetric models. This result is robust to different measures of forecast accuracy. The higher accuracy of the out-of-sample forecasts based on asymmetric models indicates that these asymmetries are not just an outcome of fitting to a particular sample but represent the underlying data generating process.