US Trade and Inventory Dynamics
研究了美国贸易在最近衰退中大幅下降和反弹的原因，发现贸易波动与以往周期一致，高波动性源于国际贸易企业的库存管理调整。
We examine the source of the large fall and rebound in US trade in the recent recession. While trade fell and rebounded more than expenditures or production of traded goods, we find that relative to the magnitude of the downturn, these trade fluctuations were in line with those in previous business cycle fluctuations. We argue that the high volatility of trade is attributed to more severe inventory management considerations of firms involved in international trade. We present empirical evidence for autos as well as at the aggregate level that the adjustment of inventory holdings help explain these fluctuations in trade.