TRADE INVENTORIES AND (S,S)

• 成果类型: Article
• 署名作者: MOSSER, PC
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.2307/2937964
• 发表日期: 1991
• 页码: 1267-1286
• 关键词: behavior; policies; demand; MODEL

摘要

The paper presents empirical tests of the (S, s) model of inventory behavior using aggregate retail trade data. Estimation and testing are based on the probability distributions of inventories derived by Caplin [1985]. The excess volatility of retailers' demand over their consumers' demand, and the forgetfulness of inventories under (S, s) are emphasized. Test results indicate that the time series properties of deliveries and sales are consistent with (S, s) and not a quadratic cost model. Finally, when autoregressions of inventories are given an (S, s) rather than a stock adjustment interpretation, traditional empirical problems such as low speeds of adjustment are explained.