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Commodity Prices and Markets$
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Takatoshi Ito and Andrew K. Rose

Print publication date: 2011

Print ISBN-13: 9780226386898

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226386904.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 24 September 2021

Pass-Through of Oil Prices to Japanese Domestic Prices

Pass-Through of Oil Prices to Japanese Domestic Prices

Chapter:
(p.155) 5 Pass-Through of Oil Prices to Japanese Domestic Prices
Source:
Commodity Prices and Markets
Author(s):

Etsuro Shioji

Taisuke Uchino

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226386904.003.0006

This chapter studies the effects of oil prices on domestic prices using Japanese data. This Japanese data was studied using time series analysis techniques and it confirmed the tendency of a declining pass-through of oil prices to domestic prices, for the period 1980 to 2000. Investigation of the Japanese input–output tables reveals that changes in the cost structure alone go a long way toward explaining the declining pass-through. The analysis indicates that the main reason behind the changing cost structure was not due to substitution effects or changes in relative quantities. It was rather due to changes in the relative prices and these played a more important role. A detailed analysis of the Japanese input–output table for the 2000s is also carried out. The results based on the time-varying parameter-vector autoregression are presented and are compared with the results of the input–output table results for the period 1980 to 2000.

Keywords:   oil prices, cost structure, Japanese domestic prices, time series analysis, domestic prices

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