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What Inventory Behavior Tells Us About Business Cycles
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Book Synopsis What Inventory Behavior Tells Us about Business Cycles by : Mark Bils
Download or read book What Inventory Behavior Tells Us about Business Cycles written by Mark Bils and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute high-frequency productivity shocks to procyclical work effort, and find that they are much more successful in accounting for inventory behavior. The difference is attributable to cyclicality in the shadow price of labor, not to diminishing returns in fact, parametric evidence suggests that the short-run slope of marginal cost is close to zero for five of the six industries. Moreover, while our measures of marginal cost are procyclical relative to output price, they are too persistent for intertemporal substitution to be important. We conclude that countercyclical markups are chiefly responsible for the sluggish response of inventory stocks over the cycle
Book Synopsis What Inventory Behavior Tells Us about Business Cycles by : Mark Bils
Download or read book What Inventory Behavior Tells Us about Business Cycles written by Mark Bils and published by . This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Inventory Behavior Tells Us About How Business Cycles Have Changed by : Thomas Lubik
Download or read book What Inventory Behavior Tells Us About How Business Cycles Have Changed written by Thomas Lubik and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in the mid-1980s, the nature of U.S. business cycles changed in important ways, as made evident by distinctive shifts in the comovement and relative volatilities of key economic aggregates. These include labor productivity, hours, output, and inventories. Unlike the widely documented change in absolute volatility over that period, known as the Great Moderation, these shifts in comovement and relative volatilities persist into the Great Recession. To understand these changes, we exploit the fact that inventory data are informative about sources of business cycles. Specifically, they provide additional information relative to aggregate investment regarding firms' intertemporal decisions. In this paper, we show that the "investment wedge" estimated with inventories, unlike previous measures, correlates well with established independent measures of credit market frictions. Furthermore, contrary to previous findings, our generalized investment wedge informed by inventory behavior plays a key role in explaining the shifts in U.S. business cycles observed after the mid-1980s.
Book Synopsis Inventory Fluctuations and Economic Stabilization by : United States. Congress. Joint Economic Committee
Download or read book Inventory Fluctuations and Economic Stabilization written by United States. Congress. Joint Economic Committee and published by . This book was released on 1961 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Inventory Changes During Expansion and Contraction by : United States. Congress. Joint Economic Committee
Download or read book The Role of Inventory Changes During Expansion and Contraction written by United States. Congress. Joint Economic Committee and published by . This book was released on 1962 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Business Cycles by : Victor Zarnowitz
Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 2007-11-01 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting.. With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.
Book Synopsis Cyclical Behavior of Inventories and Growth Projections Recent Evidence From Europe and the United States by : Mr.Jens R. Clausen
Download or read book Cyclical Behavior of Inventories and Growth Projections Recent Evidence From Europe and the United States written by Mr.Jens R. Clausen and published by International Monetary Fund. This book was released on 2010-09-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States and a few European countries, inventory behavior is mainly the outcome of demand shocks: a standard buffer-stock model best characterizes these economies. But most European countries are described by a modified buffer-stock model where supply shocks dominate. In contrast to the United States, inventories boost growth with a one-year lag in Europe. Moreover, inventories provide limited information to improve growth forecasts particularly when a modified buffer-stock model characterizes inventory behavior.
Book Synopsis Inventory Fluctuations and Economic Stabilization: Inventory fluctuations and economic instability by : United States. Congress. Joint Economic Committee
Download or read book Inventory Fluctuations and Economic Stabilization: Inventory fluctuations and economic instability written by United States. Congress. Joint Economic Committee and published by . This book was released on 1961 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventory Fluctuations and Economic Stabilization: Supplementary study papers by : United States. Congress. Joint Economic Committee
Download or read book Inventory Fluctuations and Economic Stabilization: Supplementary study papers written by United States. Congress. Joint Economic Committee and published by . This book was released on 1961 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inventories written by Valerie A. Ramey and published by . This book was released on 1997 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review and interpret recent work on inventories, emphasizing empirical and business cycle aspects. We begin by documenting two empirical regularities about inventories. The first is the well-known one that inventories move procyclically. The second is that inventory movements are quite persistent, even conditional on sales. To consider explanations for the two facts, we present a linear-quadratic model. The model can rationalize the two facts in many ways, but two stylized explanations are simple enough and have support support from a number of papers. Both assume that there are persistent shocks to demand for the good in question, and that marginal production cost slopes up. The first explanation assumes as well that there are highly persistent shocks to the cost of production. The second assumes that there are strong costs of adjusting production and a strong accelerator motive. Research to to date, however, has not reached a consensus on whether one of these two, or some third, alternative provides a satisfactory explanation of inventory behavior. We suggest several directions for future research that promise to improve our understanding of inventory behavior and thus of business cycles.
Book Synopsis The American Business Cycle by : Robert J. Gordon
Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
Book Synopsis Postwar Cycles in Manufacturers' Inventories by : Thomas M. Stanback (Jr.)
Download or read book Postwar Cycles in Manufacturers' Inventories written by Thomas M. Stanback (Jr.) and published by . This book was released on 1962 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study deals principally with the behaviour of manufactures' stocks-the principal component of nonfarm inventories-since the end of World War II.
Book Synopsis Inventory, Business Cycles and Monetary Transmission by : Riccardo Fiorito
Download or read book Inventory, Business Cycles and Monetary Transmission written by Riccardo Fiorito and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inventory changes constitute in all countries a small fraction of the Gross National Product but also a major source or an indicator of cyclical fluctuations. In this volume both possible ways of propagation are investigated by examining in the first part what macroeconomists have learned and still have to learn about inventories in the light of statistical definitions and problems. In the second part, the role of monetary shocks in propagating business cycles is considered through liquidity effects and in relation to inventory adjustment. A possible linkage between inventory and labor market is shown. Finally, new evidence and theoretical insights are provided on the linear-quadratic inventory model and its ability to discriminate econometrically among competing firm behavior.
Book Synopsis Inventories and Business Cycles by : Moses Abramovitz
Download or read book Inventories and Business Cycles written by Moses Abramovitz and published by . This book was released on 1950 with total page 682 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventories and the Business Cycle by : Clarence L. Barber
Download or read book Inventories and the Business Cycle written by Clarence L. Barber and published by Heritage. This book was released on 1958-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study falls into two parts. Part I contains a theoretical analysis of the relation of inventories and inventory fluctuations to the business cycle. Part II is a study of inventory fluctuations in Canada over the period from 1918 to 1950 and provides some inductive verification of the preceding theoretical argument.
Book Synopsis Manufacturers' Inventory Investment and Monetary Policy by : Jimmie R. Monhollon
Download or read book Manufacturers' Inventory Investment and Monetary Policy written by Jimmie R. Monhollon and published by . This book was released on 1965 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventory Theory and Consumer Behavior by : Alan S. Blinder
Download or read book Inventory Theory and Consumer Behavior written by Alan S. Blinder and published by . This book was released on 1990 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
