Kashyap, Anil; Stein, Jeremy; Lamont, Owen A. - National Bureau of Economic Research (NBER) - 1992
This paper examines micro data on U.S. firms' inventories during different macroeconomic episodes. Much of the analysis focuses on the 1981-82 recession, a recession that was apparently precipitated by tight monetary policy. We find important cross-sectional effects in this period: firms that...