Cecchetti, Stephen G; Kashyap, Anil K; Wilcox, David W - In: American Economic Review 87 (1997) 5, pp. 884-92
This paper shows that, in several U.S. manufacturing industries, the seasonal variability of production and inventories varied with the state of the business cycle. The authors present a simple model which implies that, if firms reduce the seasonal variability of their production as the economy...