Abstract
Virtually in all countries and in most business cycle episodes inventory investment accounts for a large fraction of real GNP changes: so business cycles are to a considerable extent inventory cycles (Klein-Popkin, 1961; Blinder, 1981). Yet, the reasons why this occurs are still unclear and barely related to the literature on real GNP fluctuations which stresses in turn technology, money, expenditure shocks or market imperfections.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Abramovitz, Moses (1950): Inventory and Business Cycles, NBER, New York.
Blinder, Alan S. (1981): “Retail Inventory Behaviour and Business Fluctuations”, Brookings Papers on Economic Activity, 2: 443–505.
Blinder, Alan S. (1986): “Can the Production Smoothing Model of Inventory Behavior Be Saved?”, Quarterly Journal of Economics, 101(3): 431–53.
Blinder, Alan S. and Louis J. Maccini (1991): “The Resurgence of Inventory Research: What Have We Learned?”, Journal of Economic Surveys, 4: 291–328.
Childs, Gerald (1967): Unfilled Orders and Inventories, Amsterdam, North Holland
Eichenbaum, Martin S.(1989): “Some Empirical Evidence on the Production Level and Production Cost Smoothing Models of Inventory Investment”, American Economic Review, 79 (4):853–64.
Fair, Ray (1989): “The Production Smoothing Model is Alive and Well”, Journal of Monetary Economics, 3: 353–70.
Fuerst, Timothy S. Fuerst (1992): “Liquidity, Loanable Funds, and Real Activity”, Journal of Monetary Economics, 29(1): 3–24.
Hawtrey, Ralph G. (1928): Trade and Credit, Longmans, London.
Klein, Lawrence R. and Joel Popkin (1961): An Econometric Analysis of the Postwar Relationship Between Inventory Fluctuations and Change in Economic Activity y Part III of Inventory Fluctuations and Economic Stabilization, Joint Economic Committee, Washington.
Kollintzas, Tryphon (1994): “A Generalized Variance Bounds test: with an Application to the Holt et al. Inventory Model”, Journal of Economic Dynamics and Control, forthcoming.
Krane, Spencer D. and Steven N. Braun, “Production Smoothing Evidence from Physical-Product Data”, Journal of Political Economy, 3: 558–81.
Lovell, Michael C. (1993): “Simulating the Inventory Cycle”, Journal of Economic Behavior and Organization, 21: 147–79.
Lucas, Robert E. (1990), “Liquidity and Interest Rates”, Journal of Economic Theory, 2: 237–64.
Prescott, Edward C. (1986), “Theory Ahead of Business Cycle Measurement”, Federal Reserve of Minneapolis Quarterly Review, 10 (Fall): 9–22.
Stigler, George Jr. and James K. Kindahl (1970), The Behavior of Industrial Prices, NBER, New York.
West, Kenneth D. (1986), “A Variance Bounds Test of the Linear Quadratic Inventory Model”, Journal of Political Economy, 94: 374–401.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1994 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Fiorito, R. (1994). Introduction. In: Fiorito, R. (eds) Inventory, Business Cycles and Monetary Transmission. Lecture Notes in Economics and Mathematical Systems, vol 413. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46806-3_1
Download citation
DOI: https://doi.org/10.1007/978-3-642-46806-3_1
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-57984-7
Online ISBN: 978-3-642-46806-3
eBook Packages: Springer Book Archive