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Has inventory volatility returned? A look at the current cycle

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  • James A. Kahn
  • Margaret M. McConnell
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    Abstract

    The massive liquidation of inventories during the 2001 recession contrasts sharply with the more moderate inventory movements observed in recent decades. While the rundown might be seen as evidence that firms are not managing their inventories as effectively as some economists have claimed, a careful analysis of inventory behavior in 2001 suggests that during much of the recession, firms were successfully regulating their inventories to avoid a large buildup of excess stock.

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    Bibliographic Info

    Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

    Volume (Year): 8 (2002)
    Issue (Month): May ()
    Pages:

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    Handle: RePEc:fip:fednci:y:2002:i:may:n:v.8no.5

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    Keywords: Inventories ; Recessions;

    References

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    1. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
    2. James A. Kahn & Margaret M. McConnell & Gabriel Perez-Quiros, 2002. "On the causes of the increased stability of the U.S. economy," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 183-202.
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    Cited by:
    1. Giorgio Primiceri & Alejandro Justiniano, 2006. "The Time Varying Volatility of Macroeconomic Fluctuations," 2006 Meeting Papers 353, Society for Economic Dynamics.
    2. Adam Fein, 2004. "The Myth of Decline: A New Perspective on the Supply Chain and Changing Inventory-Sales Ratios," Working Papers 04-18, Center for Economic Studies, U.S. Census Bureau, revised Feb 2005.
    3. Alejandro Justiniano & Northwestern University, 2006. "The Time Varying Volatility of Macroeconomic Fluctuations," Computing in Economics and Finance 2006 219, Society for Computational Economics.
    4. Matteo Iacoviello & Fabio Schiantarelli & Scott Schuh, 2011. "Input And Output Inventories In General Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(4), pages 1179-1213, November.
    5. Owen Irvine & Scott Schuh, 2002. "Inventory investment and output volatility," Working Papers 02-6, Federal Reserve Bank of Boston.
    6. Jonathan L. Willis, 2003. "Implications of structural changes in the U.S. economy for pricing behavior and inflation dynamics," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 5-27.
    7. Barrera, Carlos R., 2011. "Impacto amplificador del ajuste de inventarios ante choques de demanda segĂșn especificaciones flexibles," Working Papers 2011-009, Banco Central de Reserva del PerĂș.

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