Credit Conditions and the Cyclical Behavior of Inventories PDF Download
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Author: A. K. Kashyap
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 60
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Book Description
This paper examines micro data on U.S. firms' inventories during different macroeconomic episodes. Much of the analysis focuses on the 1981-82 recession, a recession that was apparently precipitated by tight monetary policy. We find important cross-sectional effects in this period: firms that were "bank-dependent" were much more prone to shed inventories than their non-bank-dependent counterparts. In contrast, such cross-sectional differences are largely absent during a period of "loose" monetary policy later in the 1980s. Our findings are consistent with the view that 1) there is a bank lending channel of monetary policy transmission; 2) the lending channel is likely to be particularly important in explaining inventory fluctuations during downturns
Author: Mr.Jens R. Clausen
Publisher: International Monetary Fund
ISBN: 1455205435
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
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.
Author: A. K. Kashyap
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 60
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Book Description
This paper examines micro data on U.S. firms' inventories during different macroeconomic episodes. Much of the analysis focuses on the 1981-82 recession, a recession that was apparently precipitated by tight monetary policy. We find important cross-sectional effects in this period: firms that were "bank-dependent" were much more prone to shed inventories than their non-bank-dependent counterparts. In contrast, such cross-sectional differences are largely absent during a period of "loose" monetary policy later in the 1980s. Our findings are consistent with the view that 1) there is a bank lending channel of monetary policy transmission; 2) the lending channel is likely to be particularly important in explaining inventory fluctuations during downturns
Author: Abdul Ghafar Ismail
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: James A. Kahn
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Book Description
Author: Stanley Bober
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 262
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Book Description
Author: Alessandro Sembenelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper employs data for a panel of firms from France, Italy and the UK to study the effect of the recession of the early '90s on inventory investment, controlling for cyclical fluctuations at the firm level. The results clearly show some common patterns across countries, pointing to the relevance of financial factors in propagating initial recessionary shocks. However, Italian firms, especially if "small and young", seem more likely to suffer from a reduction in the value of collateralizable assets possibly originated by restrictive policy actions.
Author: Julio J. Rotemberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
Author: C. Erik Larson
Publisher:
ISBN:
Category :
Languages : en
Pages : 318
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Book Description
Author: Ian Robert Milne Bain
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 294
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Book Description
Author: Julio Rotemberg
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 128
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Book Description
Because inputs are scarce, marginal cost should be an increasing function of output. Without changes in this real marginal cost schedule, aggregate output can vary if and only if the markup of price over marginal cost varies. In this review, we discuss the extent to which observed fluctuations in aggregate economic activity depend upon such variations in average markups. We first study whether, empirically, real marginal cost rises in cyclical expansions. Average real labor cost is not very procyclical, but, for reasons such as overhead labor and adjustment costs, marginal labor cost should be more procyclical. Measures of marginal cost based on materials costs and inventories also appear procyclical. We next show that countercyclical markup variation may, depending upon how costs are modeled, account for a substantial fraction of cyclical output movements. We also show that the observed procyclical variations in productivity and profits are consistent with the hypothesis that cyclical variations in output are primarily due to markup variations than to shifts in the real marginal cost schedule. Finally, we survey theories of endogenous markup variation. These include both models of sticky and models in which firms' desired markup varies over time.
