spot-futures spread), confirming that spot prices mean-revert and normally exceed discounted futures. However, these … percent of daily returns, suggesting other factors are important, too. In this paper, I specify a structural oil-market model …. In addition, I find reversion of spot to futures prices only when backwardation is severe. Convenience yield behaves …

widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of … alternative view that would invalidate such models is that energy prices respond instantaneously to macroeconomic news, implying … that energy prices should be ordered last in recursively identified VAR models. In this paper, we propose a formal test of …

Gasoline prices influence where households decide to locate by changing the cost of commuting. Consequently, the … substantial increase in gas prices since 2003 may have reduced the demand for housing in areas far from employment centers … 2008, we find that a 10 percent increase in gas prices leads to a 10 percent decrease in construction after 4 years in …

reduced form equations which can be used to examine such issues as capital market segmentation, currency substitution …, exchange rate volatility, and the forward exchange market's risk premium. Mechanically, the model begins as a system of … stochastic differential equations which describe the dynamic paths of a vector of state variables, prices, and PPP deviations …

We test for efficiency in the market for Swedish co-ops by examining the negative relationship between the sales price … and the present value of future rents. If the co-op housing market is efficient, the present value of co-op rental … payments due to underlying debt obligations of the cooperative should be fully reflected in the sales price. However, we find …

composition of expenditure, and on the wedge between consumer and domestic prices, rather than on the response of aggregate output … and domestic prices. …

the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an …

experienced the most pronounced fluctuations in income and prices of this century. Is our current understanding of the behavior of … suggest that the role of income and prices in determining imports is not known with any precision. This paper offers the first …-1992 data, I find that income and prices do not affect imports whereas the opposite conclusion arises with postwar data. The …