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Author: Brad R. Humphreys
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 66
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Book Description
Author: Brad R. Humphreys
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 66
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Book Description
Author: Sueh-Ching Kung
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 176
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Author: Matteo Iacoviello
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We build and estimate a two-sector (goods and services) dynamic stochastic general equilibrium model with two types of inventories: materials (input) inventories facilitate the production of finished goods, while finished goods (output) inventories yield utility services. The model is estimated using Bayesian methods. The estimated model replicates the volatility and cyclicality of inventory investment and inventory-to-target ratios. Although inventories are an important element of the model's propagation mechanism, shocks to inventory efficiency or management are not an important source of business cycles. When the model is estimated over two subperiods (pre and post 1984), changes in the volatility of inventory shocks or in structural parameters associated with inventories, such as the input inventory to output ratio, play a small role in reducing the volatility of output.
Author: Yi Wen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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"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: Philip John Bourque
Publisher:
ISBN:
Category : Input-output analysis
Languages : en
Pages : 86
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Author: Alan J. Auerbach
Publisher:
ISBN:
Category : Inventories
Languages : en
Pages : 98
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Book Description
This paper presents a structural model of production and inventory accumulation based on the hypothesis of cost minimization. It differs from previous attempts in several respects. First, it integrates the analysis of input inventories with output inventories, treating the two stocks separately. Second, it distinguishes between temporary and permanent fluctuations in sales as they are anticipated by the industry. Third, it allows for a more general structure of adjustment costs, and in particular for a cost changing the production level rather than only for deviations of the production level from a fixed target. Empirically, there are three principal conclusions. This model performs much better than those with no cost of production adjustment allowed. Disaggregation of inventories provides significant insights into the dynamics of the adjustment process. However, the restrictions on our model implied by the continuous-time stochastic control theory that we utilize are rejected by the data. We believe that a more disaggregated specification or a more detailed econometric treatment of the discrete-time nature of the observations would avoid this difficulty
Author: Mr.Segismundo Fassler
Publisher: International Monetary Fund
ISBN: 1451854293
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
The principles underlying the recording of changes in inventories are explained in the System of National Accounts, 1993 (1993 SNA), but operational guidelines on their measurement are lacking. This paper elaborates specific statistical techniques and their underlying assumptions for calculating changes in inventories and holding gains when only data on stocks of inventories are available. Several data situations are considered. The authors propose methods for measuring changes in inventories that meet the 1993 SNA principles. The paper also explores possibilities for implementing the proposed improvements and explains the interpretation of data on changes in inventories.
Author: Stephen M. Goldfeld
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
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Author: John D. Tsoukalas
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
What is the role of inventories in UK manufacturing? We present and estimate a model of inventories that considers separately finished goods and input (i.e. the sum of raw materials and work-in-process) inventories. Our results suggest that both types of inventories are used for production level and production cost smoothing. We identify a small but significant negative relationship between inventories and the real interest rate, thus providing support for one of the textbook channels of the monetary policy transmission mechanism. Variance decompositions indicate that technology shocks are the dominant driving factor behind cyclical changes in inventories.
Author: Ronald George Arends
Publisher:
ISBN:
Category :
Languages : en
Pages :
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