Arbeitspapier
Inventory cycles
This paper investigates a rational dynamic stochastic general equilibrium model with a stockout constraint and a production chain. Our model shows that both stockout avoidance and cost shock mechanisms replicate stylised inventory facts
- Language
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Englisch
- Bibliographic citation
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Series: Department of Economics Discussion Paper ; No. 08,04
- Classification
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Wirtschaft
Business Fluctuations; Cycles
Computable General Equilibrium Models
- Subject
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production is more volatile than sales and inventory investment is procyclical. In addition, production smoothing also works at very high frequencies. Note that the cost shock and production smoothing mechanisms are naturally embedded in our micro-founded general equilibrium framework. Moreover, as a by-product, the production chain causes the slow adjustment of inventories in aggregate. Consequently, our model generates (a) high labour volatility and (b) low correlation between labour productivity and output
the standard RBC cannot produce these two empirical findings. Finally, our model yields inventory cycles.
Vorratsvermögen
Konjunktur
Allgemeines Gleichgewicht
Theorie
- Event
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Geistige Schöpfung
- (who)
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Shibayama, Katsuyuki
- Event
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Veröffentlichung
- (who)
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University of Kent, Department of Economics
- (where)
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Canterbury
- (when)
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2008
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Shibayama, Katsuyuki
- University of Kent, Department of Economics
Time of origin
- 2008
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