Scandinavian Working Papers in Economics
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Department of Economics, Lund University Working Papers, Department of Economics, Lund University

No 2008:2:
New York mark-ups on petroleum products

Szymon Wlaslowski (), Jane Binner (), Monica Guiletti (), Nathan Joseph () and Birger Nilsson ()

Abstract: This paper analyzes rigidities in the behavior of mark-up on petroleum products in the New York area using a new set of high-frequency data. We use a methodology that accounts both for deterministic and stochastic nature of petrol prices. The results indicate that the adjustment to the long run equilibrium mark-up is non-linear with adjustment speeds that are equal across regimes for two out of the three series analyzed. For one of the series the adjustment is beneficial for end consumers as we find that prices fall faster than they rise.

Keywords: asymmetric price transmission; petroleum; SETAR model; regime switching model; (follow links to similar papers)

JEL-Codes: C52; D40; L11; Q40; (follow links to similar papers)

35 pages, August 6, 2007

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