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Trade Inventories and (S, s)

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  • Mosser, Patricia C
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    Abstract

    This paper presents empirical tests of the (S, s) model of inventory behavior using aggregate retail trade data. Estimation and testing are based on the probability distributions of inventories derived by A. Caplin (1985). The excess volatility of retailers' demand over their consumers' demand and the "forgetfulness" of inventories under (S, s) are emphasized. Test results indicate that the time-series properties of deliveries and sales are consistent with (S, s) and not a quadratic cost model. Finally, when autoregressions of inventories are given an (S, s) rather than a stock adjustment interpretation, traditional empirical problems such as low speeds of adjustment are explained. Copyright 1991, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal Quarterly Journal of Economics.

    Volume (Year): 106 (1991)
    Issue (Month): 4 (November)
    Pages: 1267-86

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    Handle: RePEc:tpr:qjecon:v:106:y:1991:i:4:p:1267-86

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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    Cited by:
    1. Louri, Helen, 1996. "Inventory investment in Greek manufacturing industry: Effects from participation in the European market," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 47-54, August.
    2. Marcel Fafchamps Jan Willem Gunning & Remco Oostendorp, . "Inventories, Liquidity, and Contractual Risk in African Manufacturing," Working Papers 97020, Stanford University, Department of Economics.
    3. Aubhik Khan & Julie K. Thomas, 2003. "Inventories and the business cycle: an equilibrium analysis of (S,s) policies," Staff Report 329, Federal Reserve Bank of Minneapolis.
    4. Marcel Fafchamps & Jan Willem Gunning & Remco Oostendorp, 1999. "Inventories and risk in African manufacturing," CSAE Working Paper Series 1999-19, Centre for the Study of African Economies, University of Oxford.
    5. Egon Zakrajsek, 1997. "Retail inventories, internal finance, and aggregate fluctuations," Research Paper 9722, Federal Reserve Bank of New York.
    6. Donald S. Allen, 1994. "Why does inventory investment fluctuate so much during contractions?," Working Papers 1994-029, Federal Reserve Bank of St. Louis.
    7. Lai, Richard, 2005. "Bullwhip in a Spanish Shop," MPRA Paper 4758, University Library of Munich, Germany.

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