MARC Record from Scriblio

LEADER: 02161cam 22003137a 4500
001 2005616483
003 DLC
005 20050203145227.0
007 cr |||||||||||
008 050203s1998 nyu sb f000 0 eng
010 $a 2005616483
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aMcCarthy, Jonathan.
245 10 $aMicroeconomic inventory adjustment and aggregate dynamics$h[electronic resource] /$cJonathan McCarthy and Egon Zakrajsek.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[1998]
490 1 $aStaff reports ;$vno. 54
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 2/3/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We examine the microeconomic and aggregate inventory dynamics in the business sector of the U.S. economy. We employ high-frequency firm-level data and use an empirically tractable model, in which the aggregate dynamics are derived explicitly from the underlying microeconomic data. Our results show that the microeconomic adjustment function in both the manufacturing and trade sectors is nonlinear and asymmetric, results consistent with firms using (S,s)-type inventory policies. There are differences in the estimated adjustment functions between the two sectors as well as the durable and nondurable goods firms within each sector. The estimated adjustment function is remarkably stable across subperiods, indicating little change in the inventory adjustment process over time. As predicted by our model, higher moments of the cross-sectional distribution of inventory deviations affect aggregate inventory dynamics"--Federal Reserve Bank of New York web site.
650 0 $aBusiness cycles$zUnited States$xEconometric models.
650 0 $aInventories$zUnited States$xEconometric models.
700 1 $aZakrajsek, Egon.
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 54.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr54.html