Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/108613 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Working Paper No. 1230
Verlag: 
Koç University-TÜSİAD Economic Research Forum (ERF), Istanbul
Zusammenfassung: 
This paper employs a pair-wise approach to examine regional integration in the US gasoline market. Using gasoline price data at the state level over a period of more than two decades, we find strong support for the view that the law of one price holds in regional markets, as more than 80% of bivariate price differentials turn out to be stationary. Furthermore, we uncover evidence that the speed at which prices converge to the long-run equilibrium depends upon the distance between states. Asymmetries are also present in this relationship. Our findings suggest that the more similar are states with respect to taxation, gas stations and refining capacity, the faster is the speed of adjustment towards the long-run equilibrium.
Schlagwörter: 
Panel data
pair-wise approach
market integration
gasoline
speed of adjustment
JEL: 
C33
Q47
R11
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
258.99 kB





Publikationen in EconStor sind urheberrechtlich geschützt.