This research examines the short-run and long-run relationship between the retail gasoline price, the spot gasoline price, and the price of West Texas Intermediate (WTI) crude oil along the gasoline supply chain. We find mixed evidence of short-run asymmetry in all stages of the retail gasoline...

Macroeconomic models of business cycles rely on the assumption that firms adjust prices infrequently to generate the short-run non-neutrality of money documented by the monetary transmission literature. They posit different mechanisms to generate price stickiness, with correspondingly different...