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Nonconvex Costs and the Behavior of Inventories

Citations

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Cited by:

  1. Allen, Donald S., 1997. "A multi-sector inventory model," Journal of Economic Behavior & Organization, Elsevier, vol. 32(1), pages 55-87, January.
  2. Hien Thu Pham & Shino Takayama, 2017. "Revisiting the “Missing Middle”: Productivity Analysis," Discussion Papers Series 580, School of Economics, University of Queensland, Australia.
  3. Galeotti, Marzio & Maccini, Louis J. & Schiantarelli, Fabio, 2005. "Inventories, employment and hours," Journal of Monetary Economics, Elsevier, vol. 52(3), pages 575-600, April.
  4. Eduardo Loyo, 2001. "Imaginary money against sticky relative prices," Textos para discussão 448, Department of Economics PUC-Rio (Brazil).
  5. Donald S. Allen, 1996. "Aggregate dynamics of lumpy agents," Working Papers 1996-003, Federal Reserve Bank of St. Louis.
  6. Gérard P. Cachon & Taylor Randall & Glen M. Schmidt, 2007. "In Search of the Bullwhip Effect," Manufacturing & Service Operations Management, INFORMS, vol. 9(4), pages 457-479, April.
  7. West, Kenneth D & Wilcox, David W, 1996. "A Comparison of Alternative Instrumental Variables Estimators of a Dynamic Linear Model," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(3), pages 281-293, July.
  8. Stephen G. Cecchetti & Anil Kashyap & David Wilcox, 1995. "Why Firms Smooth Seasonals in a Boom," Working Papers 001, Ohio State University, Department of Economics.
  9. Aubhik Khan & Julia K. Thomas, 2007. "Inventories and the Business Cycle: An Equilibrium Analysis of ( S , s ) Policies," American Economic Review, American Economic Association, vol. 97(4), pages 1165-1188, September.
  10. Maccini, Louis J. & Moore, Bartholomew & Schaller, Huntley, 2015. "Inventory behavior with permanent sales shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 290-313.
  11. 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.
  12. Wen, Yi, 2004. "Durable Goods Inventories and the Volatility of Production: Explaining the Less Volatile U.S. Economy," Working Papers 04-01, Cornell University, Center for Analytic Economics.
  13. Wen, Yi, 2005. "Understanding the inventory cycle," Journal of Monetary Economics, Elsevier, vol. 52(8), pages 1533-1555, November.
  14. Donald S. Allen, 1994. "Why does inventory investment fluctuate so much during contractions?," Working Papers 1994-029, Federal Reserve Bank of St. Louis.
  15. Aubhik Khan & Julia K. Thomas, 2004. "Modeling Inventories Over the Business Cycle," NBER Working Papers 10652, National Bureau of Economic Research, Inc.
  16. Kenneth D. West & David W. Wilcox, 1993. "Some evidence on finite sample behavior of an instrumental variables estimator of the linear quadratic inventory model," Finance and Economics Discussion Series 93-29, Board of Governors of the Federal Reserve System (U.S.).
  17. Liu, Wen-Hsien & Chung, Ching-Fan & Chang, Kuang-Liang, 2013. "Inventory change, capacity utilization and the semiconductor industry cycle," Economic Modelling, Elsevier, vol. 31(C), pages 119-127.
  18. Bivin David G, 2010. "Inventories and Interest Rates: A Stage of Fabrication Approach," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-32, October.
  19. Jonathan McCarthy & Egon Zakrajšek, 2000. "Microeconomic inventory adjustment: evidence from U.S. firm-level data," Staff Reports 101, Federal Reserve Bank of New York.
  20. Vaona, Andrea & Snower, Dennis, 2008. "Increasing returns to scale and the long-run Phillips curve," Economics Letters, Elsevier, vol. 100(1), pages 83-86, July.
  21. Anna Bottasso & Marzio Galeotti & Alessandro Sembenelli, 1997. "The Impact Of Financing Constraints On Markups: Theory And Evidence From Italian Firm Level Data," CERIS Working Paper 199706, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
  22. Braun, R Anton & Evans, Charles L, 1998. "Seasonal Solow Residuals and Christmas: A Case for Labor Hoarding and Increasing Returns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(3), pages 306-330, August.
  23. Bo, Hong, 2001. "Volatility of sales, expectation errors, and inventory investment: Firm level evidence," International Journal of Production Economics, Elsevier, vol. 72(3), pages 273-283, August.
  24. Durlauf, Steven N. & Maccini, Louis J., 1995. "Measuring noise in inventory models," Journal of Monetary Economics, Elsevier, vol. 36(1), pages 65-89, August.
  25. Daniele Coen-Pirani, 2004. "Markups, Aggregation, and Inventory Adjustment," American Economic Review, American Economic Association, vol. 94(5), pages 1328-1353, December.
  26. Yanfeng Ouyang & Carlos Daganzo, 2006. "Characterization of the Bullwhip Effect in Linear, Time-Invariant Supply Chains: Some Formulae and Tests," Management Science, INFORMS, vol. 52(10), pages 1544-1556, October.
  27. Wen, Yi, 2003. "The Power of Demand: A General Equilibrium Analysis of Multi-Stage-Fabrication Economy with Inventories," Working Papers 03-13r, Cornell University, Center for Analytic Economics.
  28. Hall, George & Rust, John, 2000. "An empirical model of inventory investment by durable commodity intermediaries," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 52(1), pages 171-214, June.
  29. Ouyang, Yanfeng & Daganzo, Carlos, 2006. "Counteracting the bullwhip effect with decentralized negotiations and advance demand information," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(1), pages 14-23.
  30. Jia Yan & John Liu, 2008. "Instability of Dynamic Inventory Systems," Working Papers 2008-23, School of Economic Sciences, Washington State University.
  31. Wen, Yi, 2003. "Durable Goods Inventories and the Volatility of Production: A Puzzle," Working Papers 03-12, Cornell University, Center for Analytic Economics.
  32. Hien Thu Pham & Shino Takayama, 2015. "Revisiting the Missing Middle: Production and Corruption," CEPA Working Papers Series WP022015, School of Economics, University of Queensland, Australia.
  33. Louis Maccini, 2013. "Inventory Behavior with Permanent Sales Shocks," Economics Working Paper Archive 608, The Johns Hopkins University,Department of Economics.
  34. Mollick, Andre Varella, 2004. "Production smoothing in the Japanese vehicle industry," International Journal of Production Economics, Elsevier, vol. 91(1), pages 63-74, September.
  35. Yi Wen, 2011. "Input and Output Inventory Dynamics," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(4), pages 181-212, October.
  36. Gorman, Michael F. & Brannon, James I., 2000. "Seasonality and the production-smoothing model," International Journal of Production Economics, Elsevier, vol. 65(2), pages 173-178, April.
  37. Marcel Fafchamps Jan Willem Gunning & Remco Oostendorp, "undated". "Inventories, Liquidity, and Contractual Risk in African Manufacturing," Working Papers 97020, Stanford University, Department of Economics.
  38. Ghali, Moheb A., 2003. "Production-planning horizon, production smoothing, and convexity of the cost functions," International Journal of Production Economics, Elsevier, vol. 81(1), pages 67-74, January.
  39. Louis J. Maccini & Bartholomew J. Moore & Huntley Schaller, 2004. "The Interest Rate, Learning, and Inventory Investment," American Economic Review, American Economic Association, vol. 94(5), pages 1303-1327, December.
  40. Michał Gradzewicz, 2022. "How do firms respond to demand and supply shocks?," KAE Working Papers 2022-075, Warsaw School of Economics, Collegium of Economic Analysis.
  41. Ramey, Valerie A. & West, Kenneth D., 1999. "Inventories," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 13, pages 863-923, Elsevier.
  42. Amir, Rabah & De Castro, Luciano & Koutsougeras, Leonidas, 2014. "Free entry versus socially optimal entry," Journal of Economic Theory, Elsevier, vol. 154(C), pages 112-125.
  43. Kenneth West & Ka-fu Wong & Stanislav Anatolyev, 2009. "Instrumental Variables Estimation of Heteroskedastic Linear Models Using All Lags of Instruments," Econometric Reviews, Taylor & Francis Journals, vol. 28(5), pages 441-467.
  44. Elvira Silva & Spiro Stefanou, 2003. "Nonparametric Dynamic Production Analysis and the Theory of Cost," Journal of Productivity Analysis, Springer, vol. 19(1), pages 5-32, January.
  45. Zhiwei Xu & Yi Wen & pengfei Wang, 2012. "When Do Inventories Destabilize the Economy? ---A Tractable Approach to (S,s) Policies," 2012 Meeting Papers 288, Society for Economic Dynamics.
  46. Walter Briec & Kristiaan Kerstens & Philippe Venden Eeckaut, 2004. "Non-convex Technologies and Cost Functions: Definitions, Duality and Nonparametric Tests of Convexity," Journal of Economics, Springer, vol. 81(2), pages 155-192, February.
  47. Marvin J. Barth III & Valerie A. Ramey, 2002. "The Cost Channel of Monetary Transmission," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 199-256, National Bureau of Economic Research, Inc.
  48. Joao Montez & Nicolas Schutz, 2021. "All-Pay Oligopolies: Price Competition with Unobservable Inventory Choices [Extremal Equilibria of Oligopolistic Supergames]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(5), pages 2407-2438.
  49. Ouyang, Yanfeng & Daganzo, Carlos, 2005. "Counteracting the Bullwhip Effect with Decentralized Negotiations and Advance Demand Information," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt0489z4qg, Institute of Transportation Studies, UC Berkeley.
  50. Peeters, H. M. M., 1997. "The (mis-)specification of production costs in production smoothing models," Economics Letters, Elsevier, vol. 57(1), pages 69-77, November.
  51. Stephen G. Cecchetti & Anil K. Kashyap & David W. Wilcox, 1995. "Do Firms Smooth the Seasonal in Production in a Boom? Theory and Evidence," NBER Working Papers 5011, National Bureau of Economic Research, Inc.
  52. Wouter Den Haan, 2014. "Inventories and the Role of Goods-Market Frictions for Business Cycles," Discussion Papers 1402, Centre for Macroeconomics (CFM).
  53. Mark Bils & Peter J. Klenow, 1998. "Using Consumer Theory to Test Competing Business Cycle Models," Journal of Political Economy, University of Chicago Press, vol. 106(2), pages 233-261, April.
  54. K. Devika & A. Jafarian & A. Hassanzadeh & R. Khodaverdi, 2016. "Optimizing of bullwhip effect and net stock amplification in three-echelon supply chains using evolutionary multi-objective metaheuristics," Annals of Operations Research, Springer, vol. 242(2), pages 457-487, July.
  55. 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.
  56. Hall, George J., 2000. "Non-convex costs and capital utilization: A study of production scheduling at automobile assembly plants," Journal of Monetary Economics, Elsevier, vol. 45(3), pages 681-716, June.
  57. 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.
  58. Corbett, Jenny & Hay, Donald & Louri, Helen, 1999. "A financial portfolio approach to inventory behaviour: Japan and the UK," International Journal of Production Economics, Elsevier, vol. 59(1-3), pages 43-52, March.
  59. Yi Wen, 2007. "Production and Inventory Behavior of Capital," Annals of Economics and Finance, Society for AEF, vol. 8(1), pages 95-112, May.
  60. Dimelis, Sophia P. & Lyriotaki, Maria-Niki, 2007. "Inventory investment and foreign ownership in Greek manufacturing firms," International Journal of Production Economics, Elsevier, vol. 108(1-2), pages 8-14, July.
  61. Wang, Xun & Disney, Stephen M., 2016. "The bullwhip effect: Progress, trends and directions," European Journal of Operational Research, Elsevier, vol. 250(3), pages 691-701.
  62. George J. Hall, 1996. "Non-convex costs and capital utilization: a study of production and inventories at automobile assembly plants," Working Paper Series, Macroeconomic Issues WP-96-25, Federal Reserve Bank of Chicago.
  63. ARATA Yoshiyuki, 2015. "Endogenous Business Cycles Caused by Nonconvex Costs and Interactions," Discussion papers 15085, Research Institute of Economy, Trade and Industry (RIETI).
  64. Carlos R. Barrera Chaupis, 2018. "Inventory Adjustments to Demand Shocks under Flexible Specifications," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(1), pages 149-201, january-j.
  65. Ginama, Isamu, 1996. "Conditional volatility and the production smoothing hypothesis of inventory investment," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 29-36, August.
  66. Valerie A. Ramey & Daniel J. Vine, 2004. "Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry," NBER Working Papers 10384, National Bureau of Economic Research, Inc.
  67. Mathieu Taschereau-Dumouchel & Edouard Schaal, 2015. "Coordinating Business Cycles," 2015 Meeting Papers 178, Society for Economic Dynamics.
  68. Naish, Howard F., 1998. "The linear quadratic inventory model as a micro foundation for Keynesian theories of the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 36(1), pages 39-57, July.
  69. Carlos F. Daganzo, 2004. "On the Stability of Supply Chains," Operations Research, INFORMS, vol. 52(6), pages 909-921, December.
  70. Ouyang, Yanfeng & Li, Xiaopeng, 2010. "The bullwhip effect in supply chain networks," European Journal of Operational Research, Elsevier, vol. 201(3), pages 799-810, March.
  71. Yulei Luo & Jun Nie & Xiaowen Wang & Eric Young, 2021. "Production and Inventory Dynamics under Ambiguity Aversion," Research Working Paper RWP 21-05, Federal Reserve Bank of Kansas City.
  72. Yi Wen, 2005. "The multiplier: a general equilibrium analysis of multi-stage-fabrication economy with inventories," Working Papers 2005-046, Federal Reserve Bank of St. Louis.
  73. Fuhrer, Jeffrey C. & Moore, George R. & Schuh, Scott D., 1995. "Estimating the linear-quadratic inventory model Maximum likelihood versus generalized method of moments," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 115-157, February.
  74. Brown, Ward & Haegler, Urs, 2004. "Financing constraints and inventories," European Economic Review, Elsevier, vol. 48(5), pages 1091-1123, October.
  75. Lukáš Kučera & Karel Brůna, 2014. "Dynamika změny stavu zásob a její synchronizace s cyklem úspor a importu v české republice v letech 1999-2012 [A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import i," Politická ekonomie, Prague University of Economics and Business, vol. 2014(5), pages 605-629.
  76. Ouyang, Yanfeng, 2007. "The effect of information sharing on supply chain stability and the bullwhip effect," European Journal of Operational Research, Elsevier, vol. 182(3), pages 1107-1121, November.
  77. ElFayoumi, Khalid, 2018. "The balance sheet effects of oil market shocks: An industry level analysis," Journal of Banking & Finance, Elsevier, vol. 95(C), pages 112-127.
  78. Ginama, Isamu, 1999. "Conditional production smoothing in the United Kingdom and Japan," International Journal of Production Economics, Elsevier, vol. 59(1-3), pages 23-32, March.
  79. Kenneth D. West, 1993. "Inventory Models," NBER Technical Working Papers 0143, National Bureau of Economic Research, Inc.
  80. Wen, Yi, 2004. "General Equilibrium Analysis of the Supply of Capital," Working Papers 04-02, Cornell University, Center for Analytic Economics.
  81. Hamilton, James D., 2002. "On the interpretation of cointegration in the linear-quadratic inventory model," Journal of Economic Dynamics and Control, Elsevier, vol. 26(12), pages 2037-2049, October.
  82. Garey Ramey & Valerie A. Ramey, 1991. "Technology Commitment and the Cost of Economic Fluctuations," NBER Working Papers 3755, National Bureau of Economic Research, Inc.
  83. Ouyang, Yanfeng & Daganzo, Carlos, 2008. "Robust tests for the bullwhip effect in supply chains with stochastic dynamics," European Journal of Operational Research, Elsevier, vol. 185(1), pages 340-353, February.
  84. Ghali, Moheb, 2005. "Measuring the convexity of the cost function," International Journal of Production Economics, Elsevier, vol. 93(1), pages 87-99, January.
  85. Fafchamps, Marcel & Gunning, Jan Willem & Oostendorp, Remco, 2000. "Inventories and Risk in African Manufacturing," Economic Journal, Royal Economic Society, vol. 110(466), pages 861-93, October.
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