Seasonality and Stock‐Adjustment Models of Retail Food Store Inventory Behavior
比较了两种库存调整模型在季节性调整和未调整的零售食品数据上的表现，发现季节性调整数据会掩盖库存行为的重要特征，而考虑期末库存满足预期未来销售的模型表现更好。
Abstract In this paper I apply competing specifications of the stock‐adjustment process for retail inventories to both seasonal and seasonally adjusted retail food store data. My objective is to determine whether the contradictory evidence from previous research regarding the adequacy of stock‐adjustment models can be explained by differences in model specification and the treatment of seasonality. The results indicate that seasonally adjusted data obscure important aspects of retail inventory behavior. A stock‐adjustment model which allows for the role of ending inventories in meeting expected future sales performs better than a competing model.