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Still More on the Speed of Adjustment in Inventory Models: A Lesson in Aggregation

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  • Seitz, Helmut
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    Abstract

    Applied econometric research has been troubled by the fact that estimated adjustment speeds from stock-adjustment models of inventory investment turn out to be "implausibly slow." The paper presents new empirical evidence using business-survey data collected by the IFO Institute Munich, Germany. It is shown empirically that there is no such a thing as an "implausibly slow" adjustment speed if estimation is done at the same level of aggregation as is requested by the underlying microeconomic theory, that is, at the level of the individual firm. Slow adjustment speeds turn out to be an artifact due to aggregation.

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    Bibliographic Info

    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 18 (1993)
    Issue (Month): 1 ()
    Pages: 103-27

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    Handle: RePEc:spr:empeco:v:18:y:1993:i:1:p:103-27

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    Cited by:
    1. Daniele Coen-Pirani, 2004. "Markups, Aggregation, and Inventory Adjustment," American Economic Review, American Economic Association, vol. 94(5), pages 1328-1353, December.
    2. Scott Schuh, 1996. "Evidence on the link between firm-level and aggregate inventory behavior," Finance and Economics Discussion Series 96-46, Board of Governors of the Federal Reserve System (U.S.).
    3. W.A. Bruinshoofd & C.J.M. Kool, 2004. "Dutch corporate liquidity management: new evidence on aggregation," WO Research Memoranda (discontinued) 756, Netherlands Central Bank, Research Department.
    4. Knetsch, Thomas A., 2004. "The Inventory Cycle of the German Economy," Discussion Paper Series 1: Economic Studies 2004,09, Deutsche Bundesbank, Research Centre.

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