Arbeitspapier
What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs
We study the effects of news shocks on inventory accumulation in a structural VAR framework. We establish that inventories react strongly and positively to news about future increases in total factor productivity. Theory suggests that the transmission channel of news shocks to inventories works through movements in marginal costs, through movements in sales, or through interest rates. We provide evidence that changes in external and internal rates of return are central to the transmission for such news shocks. We do not find evidence of a strong substitution effect that shifts production from the present into the future.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 7891
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Investment; Capital; Intangible Capital; Capacity
Business Fluctuations; Cycles
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
- Thema
-
structural VAR
news shocks
inventories
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Görtz, Christoph
Gunn, Christopher
Lubik, Thomas A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Görtz, Christoph
- Gunn, Christopher
- Lubik, Thomas A.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2019
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