INVENTORY MANAGEMENT AND THE BULLWHIP EFFECT DURING THE 2007â2009 RECESSION: EVIDENCE FROM THE MANUFACTURING SECTOR*
利用美国制造业的月度库存和销售数据，研究了2007-2009年衰退期间制造商、批发商和零售商对需求下降的不同反应，发现批发商出现牛鞭效应，而零售商则表现出环境平滑行为。
The 2007–2009 recession led to a significant decrease in consumer demand. We use monthly inventory and sales data to study the impact of the recession on manufacturers, wholesalers and retailers in the U.S. manufacturing sector. We find wholesalers responded late and drastically, indicative of a bullwhip effect, while retailers responded quickly and more conservatively, indicative of environmental smoothing. Smoothing of demand and inventory is demonstrated as an alternative response to a significant change in demand.