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Inventories and Asymmetric Business Cycle Fluctuations in the UK

Author

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  • Sensier, M.

Abstract

This paper shows that the behaviour of inventories is not symmetrical and that their modelling requires more than just a linear regression. Models of inventory behaviour are described and symmetric and non-symmetric-error-correction models are formulated which divide the changes in production into positive and negative components. Deepness and steepness tests are calculated for inventories of the disaggregate manufacturing sectors in the UK for evidence of the asymmetry. The resultsof the symmetric and the asymmetric error-correction models are presented and compared by a series of tests. Step response functions of the non-symmetric error-correction models are reported to show the full extent of this asymmetry.

Suggested Citation

  • Sensier, M., 1997. "Inventories and Asymmetric Business Cycle Fluctuations in the UK," Economics Series Working Papers 99192, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:99192
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    Citations

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    Cited by:

    1. Randal J. Verbrugge, 1998. "A cross-country investigation of macroeconomic asymmetries," Macroeconomics 9809017, University Library of Munich, Germany, revised 30 Sep 1998.
    2. Anindya Banerjee & Paul Mizen, 2006. "A re‐interpretation of the linear quadratic model when inventories and sales are polynomially cointegrated," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(8), pages 1249-1264, December.
    3. David Bivin, 2005. "Gauging the performance of the linear-quadratic inventory model," Applied Economics, Taylor & Francis Journals, vol. 37(11), pages 1215-1231.

    More about this item

    Keywords

    ECONOMETRICS;

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling

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