Inventories in ToTEM
ToTEM – the Bank of Canada’s principal projection and policy-analysis model for the Canadian economy – is extended to include inventories. In the model, firms accumulate inventories of finished goods for their role in facilitating the demand for goods. The model is successful in matching procyclical and volatile inventory investment behaviour. The authors show that the convex cost of stock adjustment is key to the model’s ability to match the inventory data quantitatively.
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- James A. Kahn & Mark Bils, 2000.
"What Inventory Behavior Tells Us about Business Cycles,"
American Economic Review,
American Economic Association, vol. 90(3), pages 458-481, June.
- Mark Bils & James A. Kahn, 1999. "What Inventory Behavior Tells Us About Business Cycles," NBER Working Papers 7310, National Bureau of Economic Research, Inc.
- Mark Bils & James A. Kahn, 1999. "What inventory behavior tells us about business cycles," Staff Reports 92, Federal Reserve Bank of New York.
- Mark Bils & James Kahn, 1998. "What inventory behavior tells us about business cycles," Research Paper 9817, Federal Reserve Bank of New York.
- Bils, M. & Kahn, J.A., 1996. "What Inventory Behavior Tells Us About Business Cycles," RCER Working Papers 428, University of Rochester - Center for Economic Research (RCER).
- Oleksiy Kryvtsov & Yang Zhang, 2010. "Inventories, Stockouts, and ToTEM," Discussion Papers 10-8, Bank of Canada.
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