Abstract

CERQUERA-LOSADA, Óscar Hernán; MARIN-MUNOZ, Stefany Alejandra  and  POLONIA-GOMEZ, William. Relationship between oil and gasoline prices in Colombia. Finanz. polit. econ. [online]. 2018, vol.10, n.2, pp.373-387. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.2018.10.2.7.

This article analyzes the relationship between the price of petroleum (measured in dollars per barrel) and the price of motor gasoline (measured in Colombian pesos per gallon) in Colombia from 2012 to 2016, based on a VAR estimation and the impulse-response function that characterizes each of the variables. It is found that gasoline and crude oil in Colombia do not have a direct relationship (causality test) due to external variables.

Keywords : vector autoregression model; causality; gasoline price; petroleum prices; unit root.

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