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Inventories, Rational Expectations, and the Business Cycle
Blinder, Alan S.; Fischer, Stanley - 2022
The simplest macroeconomic models in which markets clear instantaneously, and expectations are rational preclude the existence of "business cycles," that is, of serially correlated deviations of output from trend. This paper studies one of several mechanisms that can be used to make these...
Persistent link: https://www.econbiz.de/10014135401
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Cash Burns : An Inventory Model with a Cash-Credit Choice
Alvarez, Fernando - 2015
We present a model that characterizes the relationship between optimal dynamic cash management and the choice of the means of payment. The novel feature of the model is the sequential nature of the payments choice: in each instant the agent can choose to pay with either cash or credit. This...
Persistent link: https://www.econbiz.de/10013024148
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Inventories
Ramey, Valerie A.; West, Kenneth D. - 2021
demand for the good in question, and that marginal production cost slopes up. The first explanation assumes as well that …
Persistent link: https://www.econbiz.de/10013210702
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Measuring Noise in Inventory Models
Durlauf, Steven N.; Maccini, Louis J. - 2021
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/10013234942
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Disequilibrium Dynamics with Inventories and Anticipatory Price-Setting : Some Impirical Results
Green, Jerry; Laffont, Jean-Jacques - 2021
The basic assumption of this paper is an attempt to be specific about price formation while retaining a fixed-price, quantity-constrained equilibration in the short-run. The second theme of this paper is the role of inventories in macrodynamics a topic of long-recognized importance, but one...
Persistent link: https://www.econbiz.de/10013236715
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More on the Speed of Adjustment in Inventory Models
Blinder, Alan S. - 2021
When empirical stock-adjustment models of manufacturers' inventories of finished goods are estimated, there appear to be two local minima in the sum of squared residuals functions. At one local minimum, the estimated adjustment speed is typically quite high; at the other, it is typically quite...
Persistent link: https://www.econbiz.de/10013237286
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The Rise of the Service Economy
Buera, Francisco J. - 2010
rising relative wages and quantities of high-skilled labor. We develop a theory where demand shifts toward ever more skill … market services. The theory is also consistent with a rising level of skill and skill premium, a rising relative price of …
Persistent link: https://www.econbiz.de/10012757666
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Demand Estimation Under Incomplete Product Availability
Conlon, Christopher T. - 2010
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 account for product availability when estimating demand, and provides a … availability even when availability is only observed periodically. We find significant differences in demand estimates, with the …
Persistent link: https://www.econbiz.de/10012758419
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Ai and Jobs : The Role of Demand
Bessen, James E. - 2018
industries experiencing rapid technological change. What changed? Demand was highly elastic at first and then became inelastic …. The effect of artificial intelligence on jobs will similarly depend critically on the nature of demand. This paper … presents a simple model of demand that accurately predicts the rise and fall of employment in the textile, steel and automotive …
Persistent link: https://www.econbiz.de/10012929546
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A Theory of Housing Demand Shocks
Liu, Zheng - 2019
Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic …-rent puzzle”). We build a tractable heterogeneous-agent model that provides a microeconomic foundation for housing demand shocks …
Persistent link: https://www.econbiz.de/10012890467