The Inventory Cycle of the German Economy
AbstractUsing aggregate data, the paper analyzes the importance of inventory investment for German business cycles since 1960. In contrast to U.S. experience, the traditional productionsmoothing/ buffer-stock model is not rejected by empirical evidence. Preliminary national accounts data of inventory investment have particularly poor quality. In order to be able to analyze recent stockbuilding trends in Germany, we propose a composite index aggregating information drawn from monthly production and sales statistics as well as from the Ifo business survey. --
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Bibliographic InfoPaper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2004,09.
Date of creation: 2004
Date of revision:
inventory fluctuations; business cycles; data quality; composite index; Germany;
Find related papers by JEL classification:
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
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