Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?
检验并确认零售汽油价格对原油价格上涨的反应比下跌更快，通过分析不同分销环节的价格传导，探讨库存调整滞后和零售商市场力量等可能原因。
We test and confirm that retail gasoline prices respond more quickly to increases than to decreases in crude oil prices. Among the possible sources of this asymmetry are production/inventory adjustment lags and market power of some sellers. By analyzing price transmission at different points in the distribution chain, we attempt to shed light on these theories. Spot prices for generic gasoline show asymmetry in responding to crude oil price changes, which may reflect inventory adjustment effects. Asymmetry also appears in the response of retail prices to wholesale price changes, possibly indicating short-run market power among retailers.