We present estimates of inventory models based on firm level panel data and investigate whether over-simplified specification of the production technology may account for the frequent failure to find technological incentives to smooth production in the context of the standard linear-quadratic...

Since December 2008, the Federal Reserve's traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...