Author: Yi Wen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
"This paper develops an analytically tractable general equilibrium model of inventory dynamics. Inventories are introduced into a standard RBC model through a precautionary stockout-avoidance motive. Under persistent aggregate demand shocks, the model is broadly consistent with the U.S. business cycle and key features of inventory behavior, including (i) a large inventory stock-to-sales ratio and a small inventory investment-to-sales ratio in the long run, (ii) excess volatility of production relative to sales, (iii) procyclical inventory investment but countercyclical stock-to-sales ratio over the business cycle, and (iv) more volatile input inventories than output inventories. Similar results can also be obtained under persistent aggregate supply shocks"--Federal Reserve Bank of St. Louis web site.
Author: Brad R. Humphreys
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 66
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Book Description
Author: Matteo Iacoviello
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 50
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Author: Attila Chikán
Publisher: Springer
ISBN: 1447173716
Category : Business & Economics
Languages : en
Pages : 325
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Book Description
This book introduces a new approach in the field of macroeconomic inventory studies: the use of multivariate statistics to evaluate long-term characteristics of inventory investments in developed countries. By analyzing a 44-year period series of annual inventory change in percentage of GDP in a set of OECD countries, disclosing their relationship to growth, industry structure and alternative uses of GDP (fixed capital investments, foreign trade and consumption), it fills a gap in the economic literature. It is generally accepted that inventories play an important role in all levels of the economy. However, while there is extensive literature on micro- (and even item-) level inventory problems, macroeconomic inventory studies are scarce. Both the long-term processes of inventory formation and their correlation with other macroeconomic factors provide interesting conclusions about economic changes and policies in our immediate past, and present important insights for the future.
Author: Peter Flaschel
Publisher: Routledge
ISBN: 113405758X
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
Richard Goodwin was a pioneer in the use of mathematical tools to understand the dynamics of capitalist economies. This book contains contributions which focus on the rigorous extension of Goodwin’s modelling of macro-dynamics and the micro-structures underlying them, and also research with a wider perspective related to Goodwin’s vision of an integrated Marx-Keynes-Schumpeter (M-K-S) system of the dynamics of capitalist economies. The variety of approaches in this book range from detailed business cycle analyses to Schumpeterian processes of creative destruction. They include thorough theoretical analysis of delayed dynamical systems. empirical studies of Goodwin’s classical growth cycle model and the integration of Keynesian aspects of effective demand and of financial mechanisms that impact the real macro-economy. micro-economic structural analysis. expectations driven aspects of micro-founded business cycle modelling
Author: Yi Wen
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Book Description
It is widely believed in the literature that inventory fluctuations are destabilizing to the economy. This paper re-assesses this view by developing an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's predictions are broadly consistent with the U.S. business cycle and key features of inventory behavior, including (i) a large inventory stock-to-sales ratio and a small inventory investment-to-sales ratio in the long run, (ii) excess volatility of production relative to sales, (iii) procyclical inventory investment but countercyclical stock-to-sales ratio over the business cycle, and (iv) more volatile input inventories than output inventories. However, contrary to common beliefs, the model predicts that inventories are stabilizing, rather than destabilizing. The volatility of aggregate output could rise by 30% if inventories were eliminated from the economy. Key to this seemingly counter-intuitive result is that a stockout-avoidance motive leads to procyclical liquidity-value of inventories (hence, procyclical relative prices of final goods), which acts as an automatic stabilizer that discourages final sales in a boom and encourages final sales during a recession, thereby reducing the variability of GDP.
Author: Anne P. Carter
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
Author: Lorenz T. Biegler
Publisher: SIAM
ISBN: 1611972248
Category : Mathematics
Languages : en
Pages : 351
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Book Description
A cutting-edge guide to modelling complex systems with differential-algebraic equations, suitable for applied mathematicians, engineers and computational scientists.
Author: O. Maimon
Publisher: Springer Science & Business Media
ISBN: 1475728344
Category : Technology & Engineering
Languages : en
Pages : 354
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Book Description
This book presents a unified optimal control approach to a large class of problems arising in the field of production planning and scheduling. It introduces a leading optimal flow control paradigm which results in efficient solutions for planning and scheduling problems. This book also introduces the reader to analytical and numerical methods of the maximum principle, used here as a mathematical instrument in modeling and solving production planning and scheduling problems. The book examines control of production flows rather than sequencing of distinct jobs. Methodologically, this paradigm allows us to progress from initial assumptions about a manufacturing environment, through mathematical models and construction of numerical methods, up to practical applications which prove the relevance of the theory developed here to the real world. Given a manufacturing system, the goal is to control the production, subject to given constraints, in such a way that the demands are tracked as closely as possible. The book considers a wide variety of problems encountered in actual production planning and scheduling. Among the problems are production flow sequencing and timing, capacity expansion and deterioration, subcontracting and overtime. The last chapter is entirely devoted to applications of the theory to scheduling production flows in real-life manufacturing systems. The enclosed disk provides software implementations of the developed methods with easy, convenient user interface. We aimed this book at a student audience - final year undergraduates as weIl as master and Ph. D.
Author: Lynn Hunnicutt
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Book Description
