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Inventories and the Structure of Macro Models

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Alan S. Blinder

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Abstract

The message of this paper can be summed up in two words: inventories matter. They matter empirically, in the sense that inventory developments are of major importance in the propagation of business cycles; and they matter theoretically, in the sense that recognition of their existence changes the structure of a variety of theoretical macromodels in some fairly important ways. This paper is mainly about the implications of inventories for the structure of theoretical macro models, but I begin by demonstrating the empirical importance of inventories in business fluctuations

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0515.

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Date of creation: Jun 1981
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Handle: RePEc:nbr:nberwo:0515

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  1. Barro, Robert J, 1977. "Unanticipated Money Growth and Unemployment in the United States," American Economic Review, American Economic Association, vol. 67(2), pages 101-15, March.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ali F. Darrat, 1988. "Rational Expectations and the Role of Monetary Policy: Some Tests Based on the Fisher Equation," Eastern Economic Journal, Eastern Economic Association, vol. 14(3), pages 211-219, Jul-Sep. [Downloadable!]
  2. Kenneth D. West, 1988. "Evidence From Seven Countries on Whether Inventories Smooth Aggregate Output," NBER Working Papers 2664, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. John F. Helliwell & Alan Chung, 1987. "Aggregate Output with Operating Rates and Inventories as Buffers BetweenVariable Final Demand and Quasi-Fixed Factors," NBER Working Papers 1623, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Yongsung Chang & Andreas Hornstein & Pierre-Daniel G. Sarte, 2006. "Understanding how employment responds to productivity shocks in a model with inventories," Working Paper 06-06, Federal Reserve Bank of Richmond. [Downloadable!]
  5. Aubhik Khan & Julia K. Thomas, 2004. "Modeling inventories over the business cycle," Staff Report 343, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  6. Lawrence J. Christiano & Martin Eichenbaum, 1987. "Temporal aggregation and structural inference in macroeconomics," Working Papers 306, Federal Reserve Bank of Minneapolis. [Downloadable!]
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