-run market dynamics. We show that after February 1999 asymmetry in gasoline price dynamics is caused by changes in the net …This paper sheds new light on the asymmetric short-run dynamics of US gasoline prices. The odel is inspired by Pindyck …’s inventory model of commodity price dynamics, that stresses the importance of volatility in crude oil markets for short …

The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past … history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that … this prediction is broadly consistent with the behavior of 9 Philadelphia gasoline wholesalers. We nevertheless reject the …

Weekly retail gasoline prices in Windsor, Ontario, from 1989 to 1994 appear to respond faster to wholesale price … increases than to decreases, but exhibit a cyclic pattern inconsistent with a common explanation of response asymmetry. I … reconcile these observations through a model of price cycles. Prices on the downward portion of the cycle appear insensitive to …

finds that the majority of the mergers led to higher wholesale gasoline prices in the United States in the mid-1990s through …

The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past … history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that … this prediction is broadly consistent with the behavior of 9 Philadelphia gasoline wholesalers. We nevertheless reject the …

This research examines the long-run relationship between the spot oil price and retail and wholesale gasoline prices … adjustment of gasoline prices and the spot oil price suggest a long-run relationship between retail and wholesale gasoline prices … and the crude oil price. Further, results here suggest that both retail and wholesale gasoline prices respond …

This paper examines empirically the relationship between vertical integration and wholesale gasoline prices. We use … discrete and differential changes in the extent of vertical integration generated by mergers in West Coast gasoline refining … relationship between vertical integration and wholesale prices, controlling for horizontal market structure, cost shocks and trends …