Interactions between the seasonal and business cycles in production and inventories

• 成果类型: Article
• 署名作者: Cecchetti, SG; Kashyap, AK; Wilcox, DW
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; University System of Ohio; Ohio State University; National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; Federal Reserve System - USA
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• 发表日期: 1997
• 页码: 884-892
• 关键词: production-smoothing model; BEHAVIOR

摘要

This paper shows that in several U.S. manufacturing industries, the seasonal variability of production and inventories varies with the state of the business cycle. We present a simple model which implies that if firms reduce the seasonal variability of their production as the economy strengthens, and they either hold constant or increase the stock of inventories they bring into the high-production seasons of the year, then they must be facing upward-sloping and convex marginal cost curves. We conclude that firms in a number of industries face upward-sloping and convex marginal-production-cost curves.