Sticky Prices, Inventories, and Market Power in Wholesale Gasoline Markets
构建了一个包含生产调整成本和库存的模型，解释批发汽油价格对原油成本冲击的滞后反应，并利用188个市场的批发价格数据验证了市场势力越强的企业调价越慢。
A model with costly adjustment of production and costly inventories implies that wholesale gasoline prices will respond with a lag to crude oil cost shocks.Unlike explanations that rely upon menu costs, imperfect information, or long-term buyer/seller relationships, this model also predicts that futures prices for gasoline will adjust incompletely to crude oil price shocks that occur close to the expiration date of the futures contract.We test and confirm this implication.Examining wholesale price responses in 188 gasoline markets, we also find that firms with market power adjust prices more slowly than do competitive firms, consistent with the model.