volatility of production would be lower than that of demand. However, the production smoothing hypothesis is inconsistent with … investments, we found that the dynamics are dependent on business cycles. During booms, the volatility of inventory investments is … non-convexity of production costs amplifies the volatility of inventories, while stock-out avoidance motive is …

및 동시확대국면 지속기간을 분석하였다. 분석결과 상대적으로 안정적으로 평가받는 미국 등 최선진국 채권시장에서도 역시 변동성(volatility clustering)이 존재하고 분석대상 채권시장 상호 간에 서로 영향을 …English Abstract: This paper highlights the dynamics of volatility among international bond markets, Especially … focusing on the developed countries, we analyze the regime shifts in volatility between mutual bond markets, along with the …

direction within the same fiscal year. However, the inter-temporal reallocation is found to reduce volatility of key …