Download or read book Inventory Business Cycles and Monetary Transmission written by Riccardo Fiorito and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inventory changes constitute in all countries a small fraction of the Gross National Product but also a major source or an indicator of cyclical fluctuations. In this volume both possible ways of propagation are investigated by examining in the first part what macroeconomists have learned and still have to learn about inventories in the light of statistical definitions and problems. In the second part, the role of monetary shocks in propagating business cycles is considered through liquidity effects and in relation to inventory adjustment. A possible linkage between inventory and labor market is shown. Finally, new evidence and theoretical insights are provided on the linear-quadratic inventory model and its ability to discriminate econometrically among competing firm behavior.
Download or read book The Monetary Transmission Mechanism and Business Cycles written by Tiantian Dai and published by . This book was released on 2012 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies the role of multi-stage production for the monetary transmission mechanism. I employ a monetary search model to show how multi-stage production influences both the long run and the short run effects of money growth. Multi-stage production provides an additional channel for money growth having effects through intermediate goods between different production stages. Extending Shi's (1998) model from a single-stage to a multi-stage production model, I show that money growth rate has an unconventional long run effect on quantities per match, and the long run response of input inventory investment is different from that of output inventory investment. Contrary to classic search models, the steady state effect of money growth on the quantity of finished goods per match is not monotonic and depends on the money growth rate. Furthermore, in steady state the quantities per match first increase with the growth rate of money, before falling for large growth rates. Input inventories arise due to search frictions. Money growth also has hump-shaped real effects on steady state input inventory investment. The intermediate goods build a bridge between the labor market and the finished goods market. Intuitively, households hire more labor with higher future revenue and produce more intermediate goods in order to match the employment level. With more labor and more intermediate goods, finished goods producers can produce more when matched. As a consequence, they are stuck with more input inventories. Moreover, my model suggests that changes in the money growth rate would be one of the reasons for the decline of the inventory-to-sales ratio since the mid-1980s. Finally, I calibrate my model to quarterly US data. Contrary to other work, my model is able to replicate the stylized facts on inventory movements over the business cycle by solely relying on monetary shocks. The theoretical impulse response functions can quantitatively reproduce the corresponding empirical ones estimated in a structure autoregressive model. Moreover, the quantitative analysis supports the argument that input inventories amplify aggregate fluctuations over business cycles.
Download or read book Inventory Fluctuations and Economic Stabilization written by United States. Congress. Joint Economic Committee and published by . This book was released on 1962 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Manufacturers Inventory Investment and Monetary Policy written by Jimmie R. Monhollon and published by . This book was released on 1965 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inventory Fluctuations and Economic Stabilization written by United States. Congress. Joint Economic Committee. Subcommittee on Economic Stabilization, Automation, and Energy Resources and published by . This book was released on 1962 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines inventory accumulation and depletion in relation to general economic activity, business growth, and industrial capacity.
Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
Download or read book Inventories and Business Cycles written by Moses Abramovitz and published by . This book was released on 1975 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inventory Fluctuations and Economic Stabilization written by United States. Congress. Joint Economic Committee and published by . This book was released on 1962 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inventory Fluctuations and Economic Stabilization written by United States. Congress. Joint Economic Committee and published by . This book was released on 1962 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 2007-11-01 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting.. With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.
Download or read book Environmental and Energy Policy and the Economy written by Matthew J. Kotchen and published by University of Chicago Press. This book was released on 2022-01-24 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents six new papers on environmental and energy economics and policy in the United States. Rebecca Davis, J. Scott Holladay, and Charles Sims analyze recent trends in and forecasts of coal-fired power plant retirements with and without new climate policy. Severin Borenstein and James Bushnell examine the efficiency of pricing for electricity, natural gas, and gasoline. James Archsmith, Erich Muehlegger, and David Rapson provide a prospective analysis of future pathways for electric vehicle adoption. Kenneth Gillingham considers the consequences of such pathways for the design of fuel vehicle economy standards. Frank Wolak investigates the long-term resource adequacy in wholesale electricity markets with significant intermittent renewables. Finally, Barbara Annicchiarico, Stefano Carattini, Carolyn Fischer, and Garth Heutel review the state of research on the interactions between business cycles and environmental policy.
Download or read book Inventories Predetermined Prices and the Effects of Monetary Policy written by Ichiro Fukunaga and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the role of inventories in the propagation of monetary shocks by developing simple dynamic general equilibrium models that assume predetermined prices. Inventories serve as a source of real rigidities, that is, amplify the real effects of monetary policy. I introduce a sales-facilitating motive as well as a production-smoothing motive for holding inventories. Inventories respond procyclically and prices are adjusted gradually to a nominal disturbance only if the sales-facilitating motive is relatively strong; otherwise inventories respond countercyclically and prices are adjusted excessively. I also consider the models that assume that both production and prices are predetermined, in which inventories absorb shocks in an unintended manner. In a case where the decision lag of price setting is longer than that of production, inventories respond countercyclically at first and then move procyclically, which is consistent with the pattern shown in empirical studies.
Download or read book Inventory Dynamics and Business Cycles written by Egon Zakrajsek and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the recent patch of sluggish growth, the U.S. economy has experienced a period of remarkable stability since the mid-1980s. One popular explanation attributes the diminished variability of economic activity to information-technology-led improvements in inventory management. Our results, however, indicate that the changes in inventory dynamics since the mid-1980s played a reinforcing - rather than a leading-role in the volatility reduction. Movements in the volatility of manufacturing output over the past three decades almost entirely reflect changes in the variability of the growth contribution of sales. Although the volatility of total inventory investment has fallen, the decline occurred well before the mid-1980s and was driven by the reduced variability of materials and supplies. Our analysis does show that since the mid-1980s, inventory dynamics have played a role in stabilizing manufacturing production: Inventory "imbalances" tend to correct more rapidly, and the quicker response of inventories to monetary policy and commodity price shocks buffers production from fluctuations in sales to a greater extent. But more extensive production smoothing and faster dissolution of inventory imbalances appear to be a consequence of changes in the way industry-level sales and aggregate economic activity respond to shocks, rather than a cause of changes in macroeconomic behavior.
Download or read book Ifo Survey Data in Business Cycle and Monetary Policy Analysis written by Jan-Egbert Sturm and published by Springer Science & Business Media. This book was released on 2006-03-30 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: A pilot ?ying to a distant city needs to check his position, ?ight path and weather conditions, and must constantly keep his plane under control to land safely.TheIfosurveydataprovideadvanceinformationonchangingeconomic weather conditions and help keep the economy under control. To be sure, by their very nature they only provide short-term information. But like a plane, the economy will not be able to reach its long-term goals if it strays o? course in the short term. The Ifo survey data provide the most comprehensive and accurate, - to-date database in Europe on the state of the business cycle, and the Ifo climate indicator, sometimes simply called “The Ifo”, is the most frequently cited indicator of its kind in Europe. Both the European stock market and theeuroreacttoourindicator.Ifo’smethodologyfordeterminingthebusiness climateindicatorhasbeenexportedtomorethan?ftycountries,mostrecently toTurkeyandChina.TheIfopeoplewereproudtohavebeenaskedtohelpset up polling systems in these countries. It is said that the Chinese government relies more on their “Ifo indicator” than on their o?cial accounting statistics.
Download or read book NBER Macroeconomics Annual 2001 written by Ben S. Bernanke and published by MIT Press. This book was released on 2002 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current issues in macroeconomics.
Download or read book What Happens During Recessions Crunches and Busts written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42
Download or read book Time Series and Dynamic Models written by Christian Gourieroux and published by Cambridge University Press. This book was released on 1997 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Christian Gourieroux and Alain Monfort provide an up-to-date and comprehensive analysis of modern time series econometrics. They have succeeded in synthesising in an organised and integrated way a broad and diverse literature. While the book does not assume a deep knowledge of economics, one of its most attractive features is the close attention it pays to economic models and phenomena throughout. The coverage represents a major reference tool for graduate students, researchers and applied economists. The book is divided into four sections. Section one gives a detailed treatment of classical seasonal adjustment or smoothing methods. Section two provides a thorough coverage of various mathematical tools. Section three is the heart of the book, and is devoted to a range of important topics including causality, exogeneity shocks, multipliers, cointegration and fractionally integrated models. The final section describes the main contribution of filtering and smoothing theory to time series econometric problems.
