| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4211 |
| 来源ID | Working Paper 4211 |
| Credit Conditions and the Cyclical Behavior of Inventories: A Case Studyof the 1981-82 Recession | |
| Anil K. Kashyap; Owen A. Lamont; Jeremy C. Stein | |
| 发表日期 | 1992-11-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | 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 were "bank-dependent" were much more prone to shed inventories than their non-bank-dependent counterparts. In contrast, such cross-sectional differences are largely absent during a period of "loose" monetary policy later in the 1980s. Our findings are consistent with the view that 1) there is a bank lending channel of monetary policy transmission; 2) the lending channel is likely to be particularly important in explaining inventory fluctuations during downturns. |
| URL | https://www.nber.org/papers/w4211 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561568 |
| 推荐引用方式 GB/T 7714 | Anil K. Kashyap,Owen A. Lamont,Jeremy C. Stein. Credit Conditions and the Cyclical Behavior of Inventories: A Case Studyof the 1981-82 Recession. 1992. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4211.pdf（1290KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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