We study the efficacy of releases from the U.S. Strategic Petroleum Reserve (SPR) within the context of fully specified … sector oil inventories and how does this response affect the transmission of SPR policy shocks? Fourth, how effective were …

-adjustment costs in an inflationary environment. The model nests both the original menu-cost model that allows production to be …

: in response to news about future increases in TFP, inventories rise and comove positively with other major macroeconomic … when extended to include inventories. To explain the empirical inventory behavior, we therefore develop a framework that …

inventories react strongly and positively to news about future increases in total factor productivity. Theory suggests that the … transmission channel of news shocks to inventories works through movements in marginal costs, through movements in sales, or … transmission for such news shocks. We do not find evidence of a strong substitution effect that shifts production from the present …

predict a pro-cyclical real wage in the face of demand shocks, the absence of inventories, credit constraints and bankruptcies …

effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as …