| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9628 |
| DP9628 Inventories and the Role of Goods-Market Frictions for Business Cycles | |
| Wouter Den Haan | |
| 发表日期 | 2013-09-01 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Investment in inventories is known to be important for observed changes in GDP. However, inventory investment and the possibility that firms may fail to sell all goods are typically ignored in business cycle models. Using US data, the ability to sell is shown to be strongly procyclical. By including both a goods-market friction and a standard labor-market search friction, the model developed here can---in principal---substantially magnify and propagate shocks, even when prices and wages are not sticky. Despite its simplicity, the model can also replicate key inventory facts. However, when these inventory facts are used to discipline the choice of parameter values, then the analysis indicates that the quantitative importance of goods-market frictions is not that large, at least not in this type of model without sticky prices and wages. |
| 主题 | International Macroeconomics |
| 关键词 | Matching models Search frictions Magnification Propagation |
| URL | https://cepr.org/publications/dp9628 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538463 |
| 推荐引用方式 GB/T 7714 | Wouter Den Haan. DP9628 Inventories and the Role of Goods-Market Frictions for Business Cycles. 2013. |
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