| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14651 |
| 来源ID | Working Paper 14651 |
| Inventories, Markups, and Real Rigidities in Menu Cost Models | |
| Oleksiy Kryvtsov; Virgiliu Midrigan | |
| 发表日期 | 2009-01-15 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available. We study a menu cost economy in which firms hold inventories in order to avoid stockouts and to economize on fixed ordering costs. We find that, for low rates of depreciation similar to those in the data, inventories are highly sensitive to changes in the cost of holding and acquiring them over the cycle. This implies that the model requires an elasticity of real marginal cost to output approximately equal to the inverse of the elasticity of intertemporal substitution in order to account for the countercyclical inventory-to-sales ratio in the data. Stronger real rigidities lower the cost of acquiring and holding inventories during booms and counterfactually predict a procyclical inventory-to-sales ratio. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w14651 |
| 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/572325 |
| 推荐引用方式 GB/T 7714 | Oleksiy Kryvtsov,Virgiliu Midrigan. Inventories, Markups, and Real Rigidities in Menu Cost Models. 2009. |
| 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 | ||
| w14651.pdf（339KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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