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Keywords:Inventories 

Working Paper
(S,s) Inventory policies in general equilibrium

We study the aggregate implications of (S,s) inventory policies in a dynamic general equilibrium model with aggregate uncertainty. Firms in the model's retail sector face idiosyncratic demand risk, and (S,s) inventory policies are optimal because of fixed order costs. The distribution of inventory holdings affects the aggregate outcome in two ways: variation in the decision to order and variation in the rate of sale through the pricing decisions of retailers. We find that both mechanisms must operate to reconcile observations that orders are more volatile than, and inventory investment is ...
Working Paper , Paper 97-07

Journal Article
Evidence of improved inventory control

Inventory data applied to a standard partial stock-adjustment model demonstrate that inventory control, defined by desired marginal inventory-sales ratios and speeds of adjustment, improved in the last decade or so, particularly in the manufacturing sector. In addition, the evidence suggests that, contrary to popular wisdom, the net effect of these changes in inventory control has been to increase the volatility of inventory investment in both the manufacturing and trade sectors.
Economic Review , Volume 78 , Issue Jan , Pages 3-12

Journal Article
Changes in inventory management and the business cycle

Review , Issue Jul , Pages 17-26

Working Paper
Inventory dynamics and business cycles: what has changed?

Despite the recent patch of sluggish growth, the U.S. economy has experienced a period of remarkable stability since the mid-1980s. One popular explanation attributes the diminished variability of economic activity to information-technology-led improvements in inventory management. Our results, however, indicate that the changes in inventory dynamics since the mid-1980s played a reinforcing---rather than a leading---role in the volatility reduction. Movements in the volatility of manufacturing output over the past three decades almost entirely reflect changes in the variability of the growth ...
Finance and Economics Discussion Series , Paper 2003-26

Working Paper
Leverage as a state variable for employment, inventory accumulation, and fixed investment

Finance and Economics Discussion Series , Paper 94-24

Journal Article
Present position of the durable goods inventory

Federal Reserve Bulletin , Issue Oct

Journal Article
Inventories adjust quickly

Cross Sections , Issue Win , Pages 8-9

Journal Article
Cycles within cycles

FRBSF Economic Letter

Working Paper
Market run-ups, market freezes, inventories, and leverage

This paper is superseded by Working Paper No. 13-14.> We study trade between a buyer and a seller who have existing inventories of assets similar to those being traded. We analyze how these inventories affect trade, information dissemination, and prices. We show that when traders? initial leverages are moderate, inventories increase price and trade volume (a market ?run-up?), but when leverages are high, trade is impossible (a market ?freeze?). Our analysis predicts a pattern of trade in which prices and volumes first increase, and then markets break down. Moreover, the presence of competing ...
Working Papers , Paper 12-8

Working Paper
Effects of risk on the demand for oil inventories

Finance and Economics Discussion Series , Paper 206

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