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An estimation of U.S. gasoline demand: A smooth time-varying cointegration approach

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dc.contributor.authorPark, Sung Y
dc.contributor.authorZhao, Guochang
dc.date.accessioned2015-12-10T22:59:14Z
dc.date.issued2010
dc.date.updated2016-02-24T08:30:42Z
dc.description.abstractIn this paper the U.S. gasoline demand from 1976 to 2008 is estimated using a time-varying cointegrating regression. We find that price elasticity increased rapidly during the late 1970s and then decreased until 1987. After a relatively small-scaled "increase-decrease" cycle from 1987 to 2000, the price elasticity rose again after 2000. The time-varying change of the elasticities may be explained by the proportion of gasoline consumption to income and fluctuation of the degree of necessity. The result of the error correction model shows that a deviation from a long-run equilibrium is corrected quickly, and the welfare analysis illustrates there may be a gain by shifting the tax scheme from income tax to gasoline tax.
dc.identifier.issn0140-9883
dc.identifier.urihttp://hdl.handle.net/1885/60996
dc.publisherElsevier
dc.sourceEnergy Economics
dc.subjectKeywords: Cointegration; Error correction models; Gasoline demand; Gasoline tax; Income tax; Price elasticity; Time varying; Time-varying changes; Time-varying coefficient; Welfare analysis; Elasticity; Gasoline; Regression analysis; Taxation; Time varying systems; Canonical cointegration regression; Cointegration; Deadweight loss; Error-correction model; Gasoline demand; Time-varying coefficient
dc.titleAn estimation of U.S. gasoline demand: A smooth time-varying cointegration approach
dc.typeJournal article
local.bibliographicCitation.issue1
local.bibliographicCitation.lastpage120
local.bibliographicCitation.startpage110
local.contributor.affiliationPark, Sung Y, University of Illinois
local.contributor.affiliationZhao, Guochang, College of Business and Economics, ANU
local.contributor.authoruidZhao, Guochang, u4551026
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.identifier.absfor140205 - Environment and Resource Economics
local.identifier.ariespublicationf2965xPUB579
local.identifier.citationvolume32
local.identifier.doi10.1016/j.eneco.2009.10.002
local.identifier.scopusID2-s2.0-72249104712
local.identifier.thomsonID000273628700013
local.type.statusPublished Version

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