regimes. Countries that maintain fixed price regimes-notably net energy exporters-tend to have large fuel subsidies. When such …

. This paper develops a vector autoregressive model that quantifies the joint impact of shocks to several energy prices on …Consumers purchase energy in many forms. Sometimes energy goods are consumed directly, for instance, in the form of … gasoline used to operate a vehicle, electricity to light a home, or natural gas to heat a home. At other times, the cost of …

We reinvestigate the "rockets and feathers" effect between retail gasoline and crude oil prices in a new framework of … fractional integration, long-term memory and borderline (non)stationarity. The most frequently used error-correction model is … error-correction model. Such dynamics is usually referred to as "the Joseph effect". The standard procedure is shown to be …

Traditional least squares estimates of the responsiveness of gasoline consumption to changes in gasoline prices are … biased toward zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument … for gasoline prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We …