Inventories and capacity utilization in general equilibrium PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Inventories and capacity utilization in general equilibrium PDF full book. Access full book title Inventories and capacity utilization in general equilibrium by Danilo R. Trupkin. Download full books in PDF and EPUB format.
Author: Danilo R. Trupkin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Author: Danilo R. Trupkin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Author: Danilo Rogelio Trupkin
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
The primary goal of this dissertation is to gain a better understanding, in the context of a dynamic stochastic general equilibrium framework, of the role of inventories and capacity utilization (of both capital and labor) and, in particular, the relationship among them. These are variables which have long been recognized as playing an important role in the business cycle. An analysis of the association between inventories and capital utilization seems natural, for physical capital could be seen as a stock ultimately destined to be transformed into an inventory of finished goods. In the same way, inventories could be seen as a stock of physical capital already transformed into finished goods. Introducing variable rates of utilization of capacity, then both can be seen as providing a short-run adjustment "buffer stock"mechanism. The analysis of the relationship between those variables is centered on the effects of two possible shocks: preference (demand) shocks and technology shocks. Impulse-response experiments show that inventories and the rate of capital utilization are mostly complements, while inventories and the rate of labor utilization are mostly substitutes. Moreover, low-persistence shocks emphasize the role of inventories asbeing a "shock absorber", whereas high-persistence shocks emphasize the role of inventories as being a complement to consumption. Consistent with the stylized facts in the literature, simulation results show that inventory holdings are pro-cyclical, while the inventory-to-sales ratio is counter-cyclical. Two additional "themes" are explored. The first has to do with the treatment of uncertainty and the consequences of using, as it is done in most of the literature, a first-order approximation. By approximating the decision rules to a second order, we observe that higher exogenous uncertainty enhances the importance of the precautionary motive to holding inventories. The second additional theme is a more general framework for the analysis of capital utilization. We find that the two most common ways of modeling capital utilization can't in a more general specification that incorporates spending on capital maintenance. Though the afore mentioned results do not vary qualitatively after that concept is introduced, quantitative answers do.
Author: Jonas Daniel Maurice Fisher
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 60
Get Book Here
Book Description
Author: Jean-François Fagnart
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
Get Book Here
Book Description
Author: Matteo Iacoviello
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 50
Get Book Here
Book Description
Author: Jonas D.M. FISHER
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Fischer S. Black
Publisher: MIT Press
ISBN: 0262514095
Category : Business & Economics
Languages : en
Pages : 361
Get Book Here
Book Description
An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper. Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts—generalized observations from the real world—that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.
Author: Frank Hahn
Publisher: Routledge
ISBN: 113443362X
Category : Business & Economics
Languages : en
Pages : 544
Get Book Here
Book Description
In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book brings together leading economic theorists with important contributions to the ongoing debate. General equilibrium theorists including Michio Morishima, Michael Magill and Martine Quinzii debate strengths, weaknesses and possible futures with leading thinkers such as Herb Gintis, Pierangelo Garegnani and Duncan Foley, who seek to explain the rejection of general equilibrium. Uniquely, none of the contributors portray general equilibrium theory as the perfect guide to market economies actual behaviour, but rather illustrate that there is insufficient acquaintance with existing alternatives and that general equilibrium theory is often used as an ideal 'benchmark'.
Author: Kemal Dervis
Publisher: Cambridge University Press
ISBN: 9780521270304
Category : Business & Economics
Languages : en
Pages : 548
Get Book Here
Book Description
Author: Attila Chikán
Publisher: Springer
ISBN: 1447173716
Category : Business & Economics
Languages : en
Pages : 325
Get Book Here
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.
