Business Cycles and the Behavior of Energy Prices

Apostolos Serletis and Vaughn Hullernan

The Energy Journal, 1994, vol. Volume15, issue Number 2, 125-134

Abstract: This paper tests the theory of storage-the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1994
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://www.iaee.org/en/publications/ejarticle.aspx?id=1160 (text/html)
Access to full text is restricted to IAEE members and subscribers.

Related works:
Chapter: Business Cycles and the Behavior of Energy Prices (2007)
Journal Article: Business Cycles and the Behavior of Energy Prices* (1994)
Working Paper: Business cycles and the behavior of energy prices (1994)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:1994v15-02-a07

Ordering information: This journal article can be ordered from
http://www.iaee.org/en/publications/ejsearch.aspx

Access Statistics for this article

More articles in The Energy Journal from International Association for Energy Economics Contact information at EDIRC.
Bibliographic data for series maintained by David Williams ().