Inventories and Interest Rates: A Critique of the Buffer Stock Model
指出标准缓冲库存模型检验利率对库存影响的方法有误，并提出基于企业优化行为的决策规则，用食品行业月度数据估计了成品库存、产出和价格的决策规则，结果符合理论预测。
Economists generally test for the effect of interest rates on inventories by including some measure of the real interest rate in a standard flexible accelerator-buffer stock model. This paper presentsseveral reasons for concluding that this approach is incorrect and demonstrates how interest rate effects can be introduced into decisionrules derived under the assumption of optimizing behavior by firms. Decision rules for finished good inventories, output, and price are estimated using monthly observations on the food and kindred product industry. The results generally conform to the predictions of the theory. Copyright 1986 by American Economic Association.