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来源类型Working Paper
规范类型报告
DOI10.3386/w10652
来源IDWorking Paper 10652
Modeling Inventories Over the Business Cycle
Aubhik Khan; Julia K. Thomas
发表日期2004-07-26
出版年2004
语种英语
摘要We search for useful models of aggregate fluctuations with inventories. We focus exclusively on dynamic stochastic general equilibrium models that endogenously give rise to inventory investment and evaluate two leading candidates: the (S,s) model and the stockout avoidance model. Each model is examined under both technology shocks and preference shocks, and its performance gauged by its ability to explain the observed magnitude of inventories in the U.S. economy, alongside other empirical regularities such as the procyclicality of inventory investment and its positive correlation with sales. We find that the (S,s) model is far more consistent with the behavior of aggregate inventories in the postwar U.S. when aggregate fluctuations arise from technology, rather than preference, shocks. The converse is true for the stockout avoidance model. Overall, while the (S,s) model performs well with respect to the inventory facts and other business cycle regularities, the stockout avoidance model does not. There, the essential motive for stocks is insufficient to generate inventory holdings near the data without destroying the model's performance along other important margins. Finally, the stockout avoidance model appears incapable of sustaining inventories alongside capital. This suggests a fundamental problem in using reduced-form inventory models with stocks rationalized by this motive.
主题Macroeconomics ; Consumption and Investment ; Business Cycles
URLhttps://www.nber.org/papers/w10652
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568281
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GB/T 7714
Aubhik Khan,Julia K. Thomas. Modeling Inventories Over the Business Cycle. 2004.
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