| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w7310
|
| 来源ID | Working Paper 7310
|
| What Inventory Behavior Tells Us About Business Cycles |
| Mark Bils; James A. Kahn
|
| 发表日期 | 1999-08-01
|
| 出版年 | 1999
|
| 语种 | 英语
|
| 摘要 | Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute high-frequency productivity shocks to procyclical work effort, and find that they are much more successful in accounting for inventory behavior. The difference is attributable to cyclicality in the shadow price of labor, not to diminishing returns in fact, parametric evidence suggests that the short-run slope of marginal cost is close to zero for five of the six industries. Moreover, while our measures of marginal cost are procyclical relative to output price, they are too persistent for intertemporal substitution to be important. We conclude that countercyclical markups are chiefly responsible for the sluggish response of inventory stocks over the cycle. |
| 主题 | Macroeconomics
; Business Cycles
|
| URL | https://www.nber.org/papers/w7310
|
| 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/564848
|
推荐引用方式
GB/T 7714 |
Mark Bils,James A. Kahn. What Inventory Behavior Tells Us About Business Cycles. 1999.
|
|
文件名：
|
w7310.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
