THE PRODUCTION SMOOTHING MODEL OF INVENTORIES REVISITED

• 成果类型: Article
• 署名作者: MILNE, A
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.2307/2234759
• 发表日期: 1994
• 页码: 399-407
• 关键词: behavior; expectations

摘要

An error correction specification which nests the linear-quadratic production smoothing and stock-adjustment models of inventories is estimated on US seasonally adjusted 2-digit SIC data. The restriction of the general model to the production smoothing specification is accepted for 4 out of 6 of the production to stock industries and for total non-durables. The estimation results do not suggest any use of inventories to smooth the level of production, but there is evidence of smoothing of the rate of change of production for 3 Production to stock industries and for both total non-durables and total durables. Coefficient estimates may however be biased.