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Showing results 1 to 10 of approximately 19.
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Speech
Energy and the economy
a speech at the Economic Club of Chicago, Chicago, Illinois
Working Paper
Do energy prices respond to U.S. macroeconomic news? a test of the hypothesis of predetermined energy prices
Models that treat innovations to the price of energy as predetermined with respect to U.S. macroeconomic aggregates are widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of the transmission of energy price shocks. Since exactly identifying assumptions are inherently untestable, this approach in practice has required an act of faith in the empirical plausibility of the delay restriction used for identification. An alternative view that would invalidate such models is that energy prices respond instantaneously to ...
Journal Article
Houston after the hurricanes
Journal Article
When oil prices jump, is speculation to blame?
Whenever the price at the pump climbs week after week, people start pointing fingers at investment banks, hedge funds and other speculators. This article quantifies the role that speculation played in the rise of oil prices during the past decade.
Journal Article
Gas-price inflation
Journal Article
Using Brent and WTI oil prices to predict gasoline prices
The spot prices of West Texas Intermediate and Brent crude oil recently diverged. If this divergence persists, economists and energy analysts may want to focus on Brent prices when predicting the level of gasoline prices.
Journal Article
Why do gasoline prices react to things that have not happened?
Some people complain they are being gouged at the pump, but raising prices now in anticipation of what might happen helps ensure an adequate gas supply.
Working Paper
The effect of gasoline prices on household location
Gasoline prices influence where households decide to locate by changing the cost of commuting. Consequently, the substantial increase in gas prices since 2003 may have reduced the demand for housing in areas far from employment centers, leading to a decrease in the price and/or quantity of housing in those locations relative to locations closer to jobs. Using annual panel data on ZIP codes and municipalities in a large number of metropolitan areas of the United States from 1981 to 2008, we find that a 10 percent increase in gas prices leads to a 10 percent decrease in construction after 4 ...
Journal Article
Crude oil and the price of unleaded gasoline