This paper tests the “Greenspan Hypothesis,” which proposes a breakdown in the link between the effective federal funds rate and the mortgage interest rate between 2002 and 2005 (Greenspan 2009). We estimate and find a long run relationship between the effective federal funds rate and the...

This research examines the long-run relationship between the spot oil price and retail and wholesale gasoline prices. Recent research suggests that the response of the retail gasoline price is faster and the size of the change is larger, in magnitude, following a crude oil price increase...