Publications: Papers

Exercises in Random Numbers (March 12, 2012)


Early in February 2012, the Federal Reserve Bank of St. Louis issued a revised study entitled "Speculation in the Oil Market." In it, the authors assign a signficant portion of the current gasoline price rise ($0.50 per gallon) to speculative activity. In his paper "Exercises in Random Numbers," Dr. Verleger responds to this study and others like it.


(Note: This paper is available on request.)