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Journal Article
Why do gasoline prices react to things that have not happened?
Some people complain they are being gouged at the pump, but raising prices now in anticipation of what might happen helps ensure an adequate gas supply.
Journal Article
Market conditions cause gasoline price hikes
Journal Article
Houston after the hurricanes
Journal Article
In the eye of the storm: gasoline markets after the hurricanes
Journal Article
Crude oil and the price of unleaded gasoline
Journal Article
Gas-price inflation
Journal Article
When oil prices jump, is speculation to blame?
Whenever the price at the pump climbs week after week, people start pointing fingers at investment banks, hedge funds and other speculators. This article quantifies the role that speculation played in the rise of oil prices during the past decade.
Journal Article
Regional Gasoline Price Dynamics
A large literature has argued that gasoline prices respond more rapidly to increases in oil prices than to decreases in oil prices. Moreover, some of this literature has found heterogeneous asymmetry in gas price responses across cities. Here, we reconsider the causes of heterogeneous asymmetric pass-through. Consistent with the previous literature, we find heterogeneity in the magnitudes of asymmetric pass-through across cities. We also find a large number of cities that exhibit no asymmetries. We then examine whether heterogeneous asymmetry results from city-level differences in (i) the ...
Journal Article
Can Higher Gasoline Prices Set Off an Inflationary Spiral?
In early 2022, with consumer price inflation already high, a spike in the price of gasoline increased public concerns that the U.S. economy could be in for a repeat of the inflationary spiral that gripped the nation in the 1970s and 1980s. During this period, energy price increases created an environment where rising inflation and rising inflation expectations reinforced one another until a deep economic contraction broke the feedback loop.Nida Çakır Melek, Francis M. Dillon, and A. Lee Smith assess the risk of a similar spiral in the current environment by exploring whether high inflation ...