(S, s) Inventory Policies in General Equilibrium
在一个包含总体不确定性的动态一般均衡模型中研究(S, s)库存政策的总体影响，发现订货决策和定价机制共同解释了订单波动大于销售、库存投资与销售正相关等商业周期特征。
We study the aggregate implications of (S, s) inventory policies in a dynamic general equilibrium model with aggregate uncertainty. Firms in the model's retail sector face idiosyncratic demand risk, and (S, s) inventory policies are optimal because of fixed order costs. The distribution of inventory holdings affects the aggregate outcome in two ways: variation in the decision to order and variation in the rate of sale through the pricing decisions of retailers. We find that both mechanisms must operate to reconcile observations that orders are more volatile than, and inventory investment is positively correlated with, sales, while remaining consistent with other salient business cycle characteristics. The model exhibits strong amplification for some shocks and persistence to a limited extent.