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 has two purposes. One is to assess different models of inventory behavior in terms of their ability to well … inventory movements. We find that the basic production level smoothing model of inventories, augmented by buffer stock motives … inventory data …

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 …

optimal response of inventory-holding firms rather than ad hoc price dynamics …