Price and Output Adjustment in a Model with Inventories: Econometric Evidence from Categorical Survey Data
利用英国企业商业调查的定性信息，研究库存如何影响价格和产出对需求与成本冲击的调整，发现库存对产出无影响，对价格影响微弱，预期需求冲击是产出变化的主因。
In this paper we investigate the role of inventories in the adjustment process of prices and output in response to demand and cost shocks, using the qualitative information contained in business surveys of U.K. firms. The discussion is organized around a model based on the assumption of monopolistic competition and which permits a production smoothing role for inventories. The econometric results suggest that the stock of inventories has no impact on output decisions. The effect on pricing decisions is weak at best Anticipated demands shocks are the main factor accounting for output changes, while both cost and demand shocks are important determinants of prices. Coauthors are Fabio Schiantarelli, Jon Breslaw, and William Low. Copyright 1993 by MIT Press.