The conventional wisdom that inflation expectations respond to the level of the price of oil (or the price of gasoline … explained by a large increase in gasoline prices. However, on average, gasoline price shocks account for only 39% of the … support for the conventional wisdom. Using a new structural vector regression model, however, we demonstrate that gasoline …

Price Fixing Act on gasoline and diesel price levels. Using the synthetic control method, we construct a counterfactual and … Price Fixing Act came into effect, gasoline prices are 23.4% lower than the synthetic control predicts. The effect on diesel … price regulations. Consumers demand stricter fuel price regulations to provide transparency about the current price level …

We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences … across U.S. states in the pass-through of oil price shocks to retail gasoline prices. We show that these differences are … transportation infrastructure, refinery technology, and environmental regulations, creating cross-sectional gasoline price shocks in …

An individual’s initial experiences with a common good, such as gasoline, can shape their behavior for decades. We … incomes and those in cities. Combining data on many cohorts, we then show that large increases in gasoline prices between the …

price series considered. …

, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences … about cointegration relationships, price adjustments and relative values. We propose the use of regime-switching models to … address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas …

became physically integrated. The oil-linked Continental gas price became dominant, due to both the large volume of the … opening up of the Interconnector (1998) the UK gas market had neither government price regulation nor a physical Continental … oil and electricity, took place. Using monthly price data, we find a highly integrated market where wholesale demand seems …

The transmission of oil price shocks has been a question of central interest in macroeconomics since the 1970s. There … has been renewed interest in this question after the large and persistent fall in the real price of oil in 2014-16. In the … context of this debate, Ramey (2017) makes the striking claim that the existing literature on the transmission of oil price …

Least-squares estimates of the response of gasoline consumption to a change in the gasoline price are biased toward … prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We demonstrate that … zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument for gasoline …