RETAIL GASOLINE PRICE DYNAMICS AND LOCAL MARKET POWER*
基于美国48州1988-2002年月度数据，发现零售汽油价格对批发价上涨的反应快于下跌，且高利润州调整更慢、不对称性更强，表明市场势力是价格粘性和不对称调整的部分原因。
Using monthly data from the 48 contiguous states (except Nevada) for the 1988–2002 period, it is shown that retail gasoline prices respond faster to wholesale price increases than to equivalent wholesale price decreases. Moreover, markets with high average retail‐wholesale margins experience a slower adjustment and a more asymmetric response. Since gasoline is the only variable input, average margins in a state likely reflect the degree of retail market power. This suggests that sticky prices and response asymmetries in the gasoline market are, at least partially, a consequence of retail market power.