Price Adjustments by a Gasoline Retail Chain
利用1980至1996年瑞典汽油零售连锁店的日度数据，研究价格对成本冲击的调整速度与不对称性，发现价格向下调整比向上更缓慢，且对汇率变动比对现货价格更敏感。
We use daily data to examine price responses in the Swedish gasoline market to changes in the Rotterdam spot price, exchange rates and taxes. The distribution of price adjustments by a leading retail chain, for the period January 1980 to December 1996, is symmetric with no small adjustments. An error correction model shows that, in the short run, prices gradually move towards the long‐run equilibrium in response to cost shocks. There is some evidence that, also in the short run, prices are stickier downwards than upwards. Prices respond more rapidly to exchange rate movements than to the spot market price. Our analysis emphasizes that to fully understand price adjustments it is necessary to examine data sets where the sample frequency at least matches that of price adjustments.