What inventory behavior tells us about business cycles

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Author

Mark Bils

Contributions

Kahn, James A. - Contributor
National Bureau of Economic Research. - Contributor

Publication

1999 - National Bureau of Economic Research, Cambridge, MA, Massachusetts

Language

English

Word Count

10,500 words, Guess

Page Count

42 pages

Identifiers

OCLC Control Number42586097
Open LibraryOL22394495M

Description

"Manufacturers' finished goods inventories are less cyclical than shipments. This requires marginal cost to be more procyclical than is conventionally measured. In this paper, alternative marginal cost measures for six manufacturing industries are constructed. These measures, which attribute high-frequency productivity shocks to procyclical work effort, are more successful in accounting for inventory behavior. Evidence is also provided that the short-run slope of marginal cost arising from convexity of the production function is close to zero for five of the six industries. The paper concludes that countercyclical markups arising from a procyclical shadow price of labor are chiefly responsible for the sluggishness of inventories"--Federal Reserve Bank of New York web site.

Subjects

Topics

Inventories Manufactures Business cycles Econometric modelsEffect of business cycles onBusiness cycles -- Econometric modelsInventories -- Effect of business cycles on -- Econometric models

Series Statement

NBER working paper series -- no. 7310
Working paper series (National Bureau of Economic Research) -- working paper no. 7310.

Other Editions

What inventory behavior tells us about business cyclesNational Bureau of Economic Research1999-01-01

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