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Evidence From Seven Countries on Whether Inventories Smooth Aggregate Output

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  • Kenneth D. West

Abstract

Casual examination of annual postwar data on inventories and aggregate output for seven developed countries -- Canada, France, West Germany, Italy, Japan, United Kingdom, United States -- suggests that in these countries the primary function of aggregate inventories is not to smooth aggregate output in the face of aggregate demand shocks. Japan is a possible exception to this generalization.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2664.

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Date of creation: Jul 1988
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Publication status: published as Engineering Costs and Production Economics, 1989.
Handle: RePEc:nbr:nberwo:2664

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  1. Alan S. Blinder, 1984. "Can The Production Smoothing Model of Inventory Behavior be Saved?," NBER Working Papers 1257, National Bureau of Economic Research, Inc.
  2. Kenneth D. West, 1987. "Order Backlogs and Production Smoothing," NBER Working Papers 2385, National Bureau of Economic Research, Inc.
  3. West, Kenneth D, 1986. "A Variance Bounds Test of the Linear Quadratic Inventory Model," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(2), pages 374-401, April.
  4. Alan S. Blinder, 1980. "Inventories and the Structure of Macro Models," NBER Working Papers 0515, National Bureau of Economic Research, Inc.
  5. Blinder, Alan S, 1982. "Inventories and Sticky Prices: More on the Microfoundations of Macroeconomics," American Economic Review, American Economic Association, American Economic Association, vol. 72(3), pages 334-48, June.
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Cited by:
  1. Miron, J.A., 1988. "A Cross-Country Comparaison Of Seasonal Cycles And Business Cycles," Papers, Michigan - Center for Research on Economic & Social Theory 89-07, Michigan - Center for Research on Economic & Social Theory.
  2. Eric Dubois, 1991. "Le modèle de lissage de la production par les stocks est-il valide en France ?," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 99(3), pages 95-111.
  3. Vastag, Gyula & Montabon, Frank, 2001. "Linkages among manufacturing concepts, inventories, delivery service and competitiveness," International Journal of Production Economics, Elsevier, Elsevier, vol. 71(1-3), pages 195-204, May.
  4. Corbett, Jenny & Hay, Donald & Louri, Helen, 1999. "A financial portfolio approach to inventory behaviour: Japan and the UK," International Journal of Production Economics, Elsevier, Elsevier, vol. 59(1-3), pages 43-52, March.
  5. Ginama, Isamu, 1996. "Conditional volatility and the production smoothing hypothesis of inventory investment," International Journal of Production Economics, Elsevier, Elsevier, vol. 45(1-3), pages 29-36, August.
  6. Blinder, Alan S & Maccini, Louis J, 1991. " The Resurgence of Inventory Research: What Have We Learned?," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 5(4), pages 291-328.

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