Szymon Wlaslowski (), Jane Binner (), Monica Guiletti (), Nathan Joseph () and Birger Nilsson ()
Szymon Wlaslowski: Aston Business School, Postal: Aston Business School, Aston University, Aston Triangle, Birmingham B4 7ET, UK
Jane Binner: Sheffield University
Monica Guiletti: Aston Business School, Postal: Aston Business School, Aston University, Aston Triangle, Birmingham B4 7ET, UK
Nathan Joseph: Aston Business School, Postal: ston Business School, Aston University, Aston Triangle, Birmingham B4 7ET, UK
Birger Nilsson: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden
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.
35 pages, August 6, 2007
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