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What Inventory Behavior Tells Us About Business Cycles

Bils, Mark - 1999

Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute...

Persistent link: https://www.econbiz.de/10012471474

Inventories and the Short-Run Dynamics of Commodity Prices

Pindyck, Robert S. - 1990

The idea that wages rise relative to alternatives as job seniority accumulates is the foundation of the theory of …

Persistent link: https://www.econbiz.de/10012475740

Evidence From Seven Countries on Whether Inventories Smooth Aggregate Output

West, Kenneth D. - 1988

Casual examination of annual postwar data on inventories and aggregate output for seven developed countries -- Canada, France, West Germany, Italy, Japan, United Kingdom, United States -- suggests that in these countries the primary function of aggregate inventories is not to smooth aggregate...

Persistent link: https://www.econbiz.de/10012476400

A Variance Bounds Test of the Linear Quardractic Inventory Model

West, Kenneth D. - 1985

This paper develops and applies a novel test of the Holt, et al.(1961) linear quadratic inventory model. It is shown that a central property of the model is that a certain weighted sum of variances and covariances of production, sales and inventories must be nonnegative. The weights are the...

Persistent link: https://www.econbiz.de/10012477503

Components of Manufacturing Inventories

Auerbach, Alan J. - 1980

process. However, the restrictions on our model implied by the continuous-time stochastic control theory that we utilize are …

Persistent link: https://www.econbiz.de/10012478645

Trade Wedges, Inventories, and International Business Cycles

Alessandria, George - 2012

The large, persistent fluctuations in international trade that can not be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings....

Persistent link: https://www.econbiz.de/10012460469

Demand Estimation Under Incomplete Product Availability

Conlon, Christopher T. - 2008

Incomplete product availability is an important feature of many markets; ignoring changes in availability may bias demand estimates. We study a new dataset from a wireless inventory system installed on 54 vending machines to track product availability every four hours. The data allow us to...

Persistent link: https://www.econbiz.de/10012464336

Inventories

Ramey, Valerie A. - 1997

We review and interpret recent work on inventories, emphasizing empirical and business cycle aspects. We begin by documenting two empirical regularities about inventories. The first is the well-known one that inventories move procyclically. The second is that inventory movements are quite...

Persistent link: https://www.econbiz.de/10012472499

Measuring Noise in Inventory Models

Durlauf, Steven N. - 1993

This paper has two purposes. One is to assess different models of inventory behavior in terms of their ability to well approximate the realized data on inventories. We do this initially for the pure production smoothing model and then for a sequence of generalizations of the model. Our analysis...

Persistent link: https://www.econbiz.de/10012474458

Inventory Models

West, Kenneth D. - 1993

instrumental variables estimation of a first order condition of the Holt et al. (1960) linear quadratic inventory model, including … choice of instruments, covariance matrix estimation, methods for testing, and implications of unit root nonstationarity. The … paper also briefly discusses estimation of a decision rule implied by the model, and, finally, the impliations for inventory …

Persistent link: https://www.econbiz.de/10012474501