作者：Cecchetti, SG; Kashyap, AK; Wilcox, DW
作者单位：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
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 ...
