A multi-sector inventory model

被引:2
作者
Allen, DS
机构
关键词
inventory investment; production; business cycles;
D O I
10.1016/S0167-2681(96)00019-4
中图分类号
F [经济];
学科分类号
02 ;
摘要
Two competing paradigms for firm-level inventory behavior are production smoothing and (S,s). Empirical evidence that aggregate production varies more than sales, and inventory investment is positively correlated with sales, appears to contradict the buffer-stock/production-smoothing motivation. Work by Blinder and Maccini suggests that an (S,s) model better explains these stylized facts. I simulate a multi-sector model with sequential interaction of heterogeneous agents (representing manufacturing, wholesale and retail agents) who use either smoothing or (S,s) inventory decision rules. The results demonstrate that the stylized facts can be explained by a model of this type.
引用
收藏
页码:55 / 87
页数:33
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