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Three Essays On The Economic Implications Of Oil Shocks, Ryan Hanson
Three Essays On The Economic Implications Of Oil Shocks, Ryan Hanson
Theses and Dissertations--Economics
My dissertation consists of three papers on the response of various economic indicators to crude oil shocks. In the first paper, I investigate the Western Australian gasoline market for asymmetric responses in gasoline prices to changes in input costs, otherwise known as the rockets and feathers hypothesis. This theory states that after a positive cost shock, firms will swiftly increase their retail prices to consumers; after a decrease in input costs, however, they take longer to adjust and lower prices. Using daily, establishment level data, I estimate a multi-stage error correction model and find evidence of asymmetric price adjustment in …