In this paper we investigate the sources of the important shifts in the volatility of U.S. macroeconomic variables in … the postwar period. To this end, we propose the estimation of DSGE models allowing for time variation in the volatility of … investment specific technology shocks account for most of the sharp decline in volatility of the last two decades …

the role of expectations and inventories in the business cycle. Prices are fixed at the beginning of each period but … with stochastic rationing. Producers hold inventories if they do not succeed to sell all their supply in the current period …

This paper investigates monetary shocks and the rôle of inventories with respect to the occurrence of deflationary … adjustment between successive periods. By amplifying spillover effects inventories imply that, following a restrictive monetary …