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Inventories in ToTEM

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Author Info

  • Oleksiy Kryvtsov
  • Yang Zhang

Abstract

ToTEM – the Bank of Canada’s principal projection and policy-analysis model for the Canadian economy – is extended to include inventories. In the model, firms accumulate inventories of finished goods for their role in facilitating the demand for goods. The model is successful in matching procyclical and volatile inventory investment behaviour. The authors show that the convex cost of stock adjustment is key to the model’s ability to match the inventory data quantitatively.

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File URL: http://www.bankofcanada.ca/en/res/dp/2010/dp10-9.pdf
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Bibliographic Info

Paper provided by Bank of Canada in its series Discussion Papers with number 10-9.

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Length: 22 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:bca:bocadp:10-9

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Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Phone: 613 782-8845
Fax: 613 782-8874
Web page: http://www.bank-banque-canada.ca/

Related research

Keywords: Economic models; Business fluctuations and cycles;

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References

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  1. Oleksiy Kryvtsov & Yang Zhang, 2010. "Inventories, Stockouts, and ToTEM," Discussion Papers 10-8, Bank of Canada.
  2. Mark Bils & James Kahn, 1998. "What inventory behavior tells us about business cycles," Research Paper 9817, Federal Reserve Bank of New York.
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Cited by:
  1. Oleksiy Kryvtsov & Virgiliu Midrigan, 2011. "Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy," Working Papers 11-9, Bank of Canada.

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