as it depends on initial inventory stocks and on the random disturbances within the period. Section 4 presents, for …, we use these results to present the dynamics of inventory behavior and the statistical relationships between real wages …

the gradual adjustment of inventory stocks. Two microeconomic models of inventory holdings are formulated. Both imply …

second is that inventory movements are quite persistent, even conditional on sales. To consider explanations for the two …, or some third, alternative provides a satisfactory explanation of inventory behavior. We suggest several directions for … future research that promise to improve our understanding of inventory behavior and thus of business cycles …

This paper develops a theory of dynamic pessimism and its impact on asset prices. Notions of time-varying pessimism …

misspecification so small that it is difficult to detect statistically and cannot be ruled out based on economic theory. This is …

The estimator holding the central place in the theory of the multivariate "errors-in-the-variables" (EV) model results …