Interrelated Demands for Buffer Stocks and Productive Inputs: Estimates for Two-Digit Manufacturing Industries
AbstractEmpirical estimates of interrelated factor demand equations for inventories, labor inputs, capital stocks, and unfilled orders in selected two-digit industries are provided. This framework is more comprehensive than previous research as it disaggregates inventories by stage of fabrication, accounts for production-to-stock and production-to-order, and disaggregates capital and labor inputs. All estimated decision rules display stock-adjustment effects, but there are asymmetries in the parameter estimates that are puzzling. There is evidence that factor input prices have a role in explaining stock levels, but own-factor price effects are largely absent. Evidence is uncovered that stocks are sensitive to expectations errors attached to output demand. Copyright 1990 by MIT Press.
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Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 72 (1990)
Issue (Month): 1 (February)
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Web page: http://mitpress.mit.edu/journals/
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