Inventory and Price Behaviour
指出，当实际需求低迷时，企业通过积累库存来缓冲价格下行压力，预期未来需求更强；当需求高涨时，企业消耗库存直至缺货，价格上升以出清市场。
The point of this paper is that inventory adjustment attenuates downward pressure on price when realized demand is low because firms accumulate inventory hold-overs, speculating that demand will be stronger in the succeeding period. When realized demand is high the firm draws down its inventories until a "stock-out" occurs and price rises to clear the market.