Pass-Through of Input Cost Shocks Under Imperfect Competition: Evidence from the U.S. Fracking Boom
Pass-Through of Input Cost Shocks Under Imperfect Competition: Evidence from the U.S. Fracking Boom
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不完全竞争下投入成本冲击的传递：来自美国水力压裂热潮的证据
DOI：
10.3386/w24025
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
R. Sweeney
中科院分区：
文献类型：
--
作者：
E. Muehlegger;R. Sweeney
水力压裂的出现导致美国石油产量急剧增加。由于监管、运输和加工方面的限制，国内钻探活动的突然激增导致美国炼油厂的原油采购成本出现了前所未有的差异。我们利用这种对投入成本的外生冲击来研究这个重要行业的竞争性质和成本变化的发生率。我们首先估计美国炼油业与全球原油市场的差异在多大程度上转嫁给了消费者。利用丰富的微观数据，我们能够分解特定公司、特定市场和全行业成本冲击对成品油价格的影响。我们证明这种区别具有重要的经济和计量经济学意义，并讨论了对碳排放定价的未来政策的影响。还讨论了这些结果对炼油行业竞争长期存在的问题的影响。
The advent of hydraulic fracturing lead to a dramatic increase in US oil production. Due to regulatory, shipping and processing constraints, this sudden surge in domestic drilling caused an unprecedented divergence in crude acquisition costs across US refineries. We take advantage of this exogenous shock to input costs to study the nature of competition and the incidence of cost changes in this important industry. We begin by estimating the extent to which US refining’s divergence from global crude markets was passed on to consumers. Using rich microdata, we are able to decompose the effects of firm-specific, market-specific and industry-wide cost shocks on refined product prices. We show that this distinction has important economic and econometric significance, and discuss the implications for prospective policy which would put a price on carbon emissions. The implications of these results for perennial questions about competition in the refining industry are also discussed.