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A Model of Inventory and Layoff Behavior Under Uncertainty

  • John Haltiwanger

    (UCLA)

  • Louis Maccini

    (The John Hopkins University)

This paper develops a model of firm behavior under uncertainty designed to study the interac tion of inventories and layoffs. The model is a blend of a buffer sto ck model of inventory behavior and an implicit contract model of layo ffs. The model creates a distinction between inventory-biased and lay off-biased firms, each of which exhibits inherently different pattern s of response of inventories and temporary layoffs to demand shocks. In addition, the model implies that the inventory-layoff interaction tends to strengthen (weaken) the response of price and the work force to changes in anticipated demand (real interest rates). Copyright 1988 by Royal Economic Society.

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File URL: http://www.econ.ucla.edu/workingpapers/wp321.pdf
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Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 321.

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Date of creation: 01 Jan 1984
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Handle: RePEc:cla:uclawp:321
Contact details of provider: Web page: http://www.econ.ucla.edu/

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