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The influence of inventories on output and prices: A stage of fabrication approach

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  • Bivin, David

Abstract

This paper estimates models of output, price and total inventory in various manufacturing sectors that allow inventories at different stages of fabrication to exert independent influences. The hypothesis tests generally reject the hypotheses that inventories are irrelevant or can be aggregated across stages of fabrication in the output and price models. The hypothesis that raw materials and work-in-process are irrelevant is rejected in about half of the output and price model. In two-thirds of the industries, inventory behavior is independent of the composition of stocks inherited from the previous period.

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  • Bivin, David, 1993. "The influence of inventories on output and prices: A stage of fabrication approach," Journal of Macroeconomics, Elsevier, vol. 15(4), pages 627-651.
  • Handle: RePEc:eee:jmacro:v:15:y:1993:i:4:p:627-651
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    Cited by:

    1. Humphreys, Brad R., 2001. "The behavior of manufacturers inventories: Evidence from US industry level data," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 9-20, May.
    2. Matteo Iacoviello & Fabio Schiantarelli & Scott Schuh, 2011. "Input And Output Inventories In General Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(4), pages 1179-1213, November.
    3. Humphreys, Brad R. & Maccini, Louis J. & Schuh, Scott, 2001. "Input and output inventories," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 347-375, April.

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