The Price of Gasoline and New Vehicle Fuel Economy Evidence from Monthly Sales Data

• 成果类型: Article
• 署名作者: Klier, Thomas; Linn, Joshua
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Massachusetts Institute of Technology (MIT)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.2.3.134
• 发表日期: 2010
• 页码: 134-153
• 关键词: UNITED-STATES; choice models; STANDARDS; EFFICIENCY; MARKET

摘要

This paper uses a unique dataset of monthly new vehicle sales by detailed model from 1978 to 2007, and implements a new identification strategy to estimate the effect of the price of gasoline on individual vehicle model sales We control for unobserved vehicle and consumer characteristics by using within model year changes in the price of gasoline and sales We find a significant sales response, suggesting that the gasoline price increase from 2002 to 2007 explains nearly half of the decline in market share of US manufacturers On the other hand, an increase in the gasoline tax would only modestly raise average fuel economy (JEL H25, L11, L62, L71)