کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
5064285 1476709 2016 11 صفحه PDF سفارش دهید دانلود رایگان
عنوان انگلیسی مقاله ISI
The relationship between U.S. retail gasoline and crude oil prices during the Great Recession: “Rockets and feathers” or “balloons and rocks” behavior?
ترجمه فارسی عنوان
رابطه بین بنزین خرده فروشی ایالات متحده و قیمت نفت خام در طی رکود بزرگ: موشک ها و پرورش ها یا یک بالن و سنگسا؟ رفتار - اخلاق؟
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موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی انرژی (عمومی)
چکیده انگلیسی


- Models response of U.S. gas prices to changes in oil prices during Great Recession.
- Using daily retail data, find unusual asymmetric response not found in literature.
- Gas prices more responsive to changes in oil prices in the anticipated direction.
- Gas prices less responsive to changes in oil prices in the unanticipated direction.
- Results found using impulse functions estimated with Engle-Granger model.

Previous studies of the relationship between crude oil and gasoline prices have often found “rockets and feathers” behavior: a scenario where gasoline prices increase more rapidly when crude oil prices rise than they fall when crude oil prices drop. While we find this behavior in times of generally rising crude oil prices, we find the opposite to be true during times of generally falling crude oil prices, a phenomenon we call “balloons and rocks” behavior. This result was obtained by testing for parameter stability in error-correction models which were estimated for periods of significant variability in both crude oil and gasoline prices. The data used to estimate these results is unique in the literature as it is comprised of daily U.S. retail gasoline prices and daily crude oil prices. The sample was taken during the Great Recession, an exceptional period of time that saw both sharp increases and decreases in gasoline and crude oil prices.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Economics - Volume 55, March 2016, Pages 200-210
نویسندگان
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