The asymmetry of gasoline prices: fresh evidence from an error correction model for U.K. and U.S.A.

An error correction model was fitted to monthly data on net retail gasoline prices for the U.K. and the U.S.A. over the period January 1980–June 1996 in order to examine the short-run response of gasoline prices to changes in crude oil costs and exchange rate. The hypothesis of a symmetric response by gasoline station owners to crude oil price rises and falls was rejected by the data for both the U.K. and the U.S.A. A similar hypothesis in regard to the exchange rate was also rejected by the data. © 1998 John Wiley & Sons. Ltd.     

Oil price fluctuations and their impact on the macroeconomic variables of Kuwait: a case study using a VAR model

In this study, a vector autoregression model (VAR) and a vector error correction model (VECM) were estimated to examine the impact of oil price fluctuations on seven key macroeconomic variables for the Kuwaiti economy. Quarterly data for the period 1984–1998 were utilized. Theoretically and empirically speaking, VECM is superior to the VAR approach. Also, the results corresponding to the VECM model are closer to common sense. However, the estimated models indicate a high degree of interrelation between major macroeconomic variables. The empirical results highlight the causality running from the oil prices and oil revenues, to government development and current expenditure and then towards other variables. For the most part, the empirical evidence indicates that oil price shocks and hence oil revenues have a notable impact on government expenditure, both development and current. However, government development expenditure has been influenced relatively more. The results also point out the significance of the CPI in explaining a notable part of the variations of both types of government expenditure. On the other hand, the variations in value of imports are mostly accounted for by oil revenue fluctuations and then by the fluctuation in government development expenditures. Also, the results from the VECM approach indicate that a significant part of LM2 variance is explained by the variance in oil revenue. It reaches about 46 per cent in the 10th quarter, even more than its own variations. Copyright © 2001 John Wiley & Sons, Ltd.     

Demand for natural gas in Kuwait: An empirical analysis using two econometric models

This paper estimates the demand for natural gas in Kuwait for the period 1975–93 using two models. A partial flow-adjustment model and a co-integration and error correction model. It is found that natural gas demand is inelastic with respect to price and income in the short and long run. Furthermore, natural gas consumption adjusts towards its long-run level with about 61% of the adjustment occurring in the first year.     

Transport demand for energy: a case study for Kuwait

This paper presents a model for the demand for oil products in the transport sector of Kuwait using a time‐series data for the period 1975–1995. The results indicate that the demand for gasoline is inelastic with respect to price and income in the short and long run. The demand has a short‐run elasticity which approaches unity when it comes to the average fuel economy of the fleet of automobiles which indicate a rapid response to changes in the automobiles technology. Furthermore, the results reveal that diesel fuel consumption is price and income inelastic in the short‐run but exceed perfectly elasticity in the long‐run. As for the case of aviation fuel, the demand is inelastic with respect to the price in the short run but it exceeds unit elasticity with respect to the number of flights landed in Kuwait which indicate that the activity variable is more significant in determining the demand for aviation fuel than its own price. Copyright © 1999 John Wiley & Sons, Ltd.     

Technologies for trapped-ion quantum information systems

Scaling up from prototype systems to dense arrays of ions on chip, or vast networks of ions connected by photonic channels, will require developing entirely new technologies that combine miniaturized ion trapping systems with devices to capture, transmit, and detect light, while refining how ions are confined and controlled. Building a cohesive ion system from such diverse parts involves many challenges, including navigating materials incompatibilities and undesired coupling between elements. Here, we review our recent efforts to create scalable ion systems incorporating unconventional materials such as graphene and indium tin oxide, integrating devices like optical fibers and mirrors, and exploring alternative ion loading and trapping techniques.