Input and output inventories

• 成果类型: Article
• 署名作者: Humphreys, BR; Maccini, LJ; Schuh, S
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Boston; University System of Maryland; University of Maryland Baltimore County; Johns Hopkins University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00046-0
• 发表日期: 2001
• 页码: 347-375
• 关键词: inventories; stage-of-fabrication; gross production; value added

摘要

This paper presents a new stage-of-fabrication inventory model with delivery, usage, and stocks of input materials that distinguishes between gross production and value added. It extends the linear-quadratic model of output inventories by adding the joint determination of input inventories. Empirically, input inventories are more important than output inventories. Maximum likelihood estimation of the decision rules yields correctly signed and significant parameter estimates using data for nondurable and durable goods industries, but the overidentifying restrictions of the model are rejected. The value added specification dominates because adjustment costs on materials usage are critical to fitting the data. (C) 2001 Elsevier Science B.V. All rights reserved.