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A Model of Inventory and Layoff Behavior Under Uncertainty

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  • John Haltiwanger

    (UCLA)

  • Louis Maccini

    (The John Hopkins University)

Abstract

This paper develops a model of firm behavior under uncertainty designed to study the interac tion of inventories and layoffs. The model is a blend of a buffer sto ck model of inventory behavior and an implicit contract model of layo ffs. The model creates a distinction between inventory-biased and lay off-biased firms, each of which exhibits inherently different pattern s of response of inventories and temporary layoffs to demand shocks. In addition, the model implies that the inventory-layoff interaction tends to strengthen (weaken) the response of price and the work force to changes in anticipated demand (real interest rates). Copyright 1988 by Royal Economic Society.

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Bibliographic Info

Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 321.

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Date of creation: 01 Jan 1984
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Handle: RePEc:cla:uclawp:321

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Web page: http://www.econ.ucla.edu/

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Cited by:
  1. Blinder, Alan S & Maccini, Louis J, 1991. " The Resurgence of Inventory Research: What Have We Learned?," Journal of Economic Surveys, Wiley Blackwell, vol. 5(4), pages 291-328.
  2. Lucía Barcos & Alicia Barroso & Jordi Surroca & Josep A. Tribó, 2010. "Corporate social responsibility and inventory policy," Business Economics Working Papers id-10-03, Universidad Carlos III, Instituto sobre Desarrollo Empresarial "Carmen Vidal Ballester".
  3. Michael R. Darby & John Haltiwanger & Mark Plant, 1984. "Unemployment-Rate Dynamics and Persistent Unemployment Under RAtional Expectations," UCLA Economics Working Papers 339, UCLA Department of Economics.
  4. Yi Wen, 2009. "Input and output inventory dynamics," Working Papers 2008-008, Federal Reserve Bank of St. Louis.
  5. Adam Copeland & George Hall, 2006. "The Response of Prices, Sales, and Output to Temporary Changes in Demand," 2006 Meeting Papers 39, Society for Economic Dynamics.
  6. Yi Wen, 2008. "Inventories, liquidity, and the macroeconomy," Working Papers 2008-045, Federal Reserve Bank of St. Louis.
  7. Alan S. Blinder & Louis J. Maccini, 1991. "Taking Stock: A Critical Assessment of Recent Research on Inventories," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 73-96, Winter.
  8. Charles A. Fleischman, 1996. "The endogeneity of employment adjustment costs: the tradeoff between efficiency and flexibility," Finance and Economics Discussion Series 1996-48, Board of Governors of the Federal Reserve System (U.S.).
  9. John Haltiwanger, 1985. "Inventories, Multiperiod Implicit Contracts, and the Dynamic Behavior if the Firm Under Uncertainty," UCLA Economics Working Papers 374, UCLA Department of Economics.

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