Adjustment Costs, Inventories and Output
研究了在通胀环境下，面临价格和数量调整成本的库存持有企业的最优调整策略，发现低通胀时产出与通胀率负相关，且需求满足时长随需求弹性增加而增加，随存储成本和实际利率增加而减少。
Abstract This paper analyzes the optimal adjustment strategy of an inventory‐holding firm facing price‐ and quantity‐adjustment costs in an inflationary environment. The model nests both the original menu‐cost model that allows production to be costlessly adjusted, and the later model that includes price‐ and quantity‐adjustment costs, but rules out inventory holdings. It is shown that the firm's optimal adjustment strategy may involve stockouts. At low inflation rates, output is inversely related to the inflation rate, and the length of time demand is satisfied increases with the demand elasticity but decreases with the storage cost and the real interest rate.