全球智库信息集成服务系统(G2TT): Inventories and the Business Cycle: An Equilibrium Analysis of (S,s) Policies

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10078
来源ID	Working Paper 10078
	Inventories and the Business Cycle: An Equilibrium Analysis of (S,s) Policies
	Aubhik Khan; Julia Thomas
发表日期	2003-11-10
出版年	2003
语种	英语
摘要	We develop an equilibrium business cycle model where nonconvex delivery costs lead producers of final goods to follow generalized (S,s) inventory policies with respect to intermediate goods. When calibrated to match the average inventory-to-sales ratio in postwar U.S. data, our model reproduces two-thirds of the cyclical variability of inventory investment. Moreover, inventory accumulation is strongly procyclical, and production is more volatile than sales, as in the data. The comovement between inventory investment and final sales is often interpreted as evidence that inventories amplify aggregate fluctuations. Our model contradicts this view. Despite the positive correlation between sales and inventory investment, we find that inventory accumulation has minimal consequence for the cyclical variability of GDP. In equilibrium, procyclical inventory investment diverts resources from the production of final goods; thus, it dampens cyclical changes in final sales, leaving GDP volatility essentially unaltered. Moreover, although business cycles arise solely from shocks to productivity and markets are perfectly competitive in our model, it nonetheless yields a countercyclical inventory-to-sales ratio.
主题	Macroeconomics ; Business Cycles ; Consumption and Investment
URL	https://www.nber.org/papers/w10078
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/567706
推荐引用方式 GB/T 7714	Aubhik Khan,Julia Thomas. Inventories and the Business Cycle: An Equilibrium Analysis of (S,s) Policies. 2003.

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
w10078.pdf（5829KB）	智库出版物		限制开放	CC BY-NC-SA	浏览