Inventories as Factors of Production and Economic Fluctuations
提出按加工阶段划分的库存投资理论，并用四个耐用品行业的数据估计模型，发现库存需求对产出的弹性很高，库存需求变动是经济波动的重要来源。
This paper presents a theory of inventory investment by stage-of-processing, and uses it to examine the role of inventory investment in economic fluctuations. The model, in which inventories are treated as factors of production, is estimated for four durable goods industries. Three conclusions emerge from the estimation. First, the estimates generally satisfy the theoretical restrictions. Second, the elasticity of inventory demand with respect to output is high, indicating an important accelerator effect. Finally, the estimates suggest that shifts in the demand for inventories are an important source of economic fluctuations. Copyright 1989 by American Economic Association.