Dynamic fuel price pass-through: Evidence from a new global retail fuel price database |
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| Affiliation: | 1. International Monetary Fund, 700 19th ST NW, Washington DC 20431, United States;2. FERDI, 63 Boulevard François-Mitterrand, Clermont-Ferrand, 63000, France;1. Department of Economics and International Business, Sam Houston State University, United States;2. Center for Fiscal Policy, Texas Public Policy Foundation, United States;1. University of Milan, Italy;2. FEEM - Fondazione Eni Enrico Mattei, Italy;3. IEFE-Bocconi, Italy;4. University of Milano-Bicocca, Italy |
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| Abstract: | We estimate the dynamic effects of crude oil price shocks on retail fuel prices, the pass-through, using the local projection approach of Jordà (2005). Using a novel monthly dataset of retail fuel prices in 162 countries over the period from 2000:1 to 2014:12, we find that: (i) retail gasoline prices respond positively to crude oil price shocks, but the responses vary across regions and income groups; (ii) there is also some variation across country groups in the persistence of the effects of crude oil price shocks on retail gasoline prices; and (iii) declines in crude oil prices lead to smaller effects on retail gasoline prices than increases in crude oil prices, pointing to an asymmetry in the fuel price pass-through. |
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