INPUT AND OUTPUT INVENTORIES IN GENERAL EQUILIBRIUM*
构建并估计了一个包含投入品和产成品两类库存的两部门动态随机一般均衡模型，发现库存是经济波动的重要传导机制，但库存效率冲击并非商业周期的主要来源。
We build and estimate a two-sector dynamic stochastic general equilibrium model with two types of inventories: Input inventories facilitate the production of finished goods, output inventories yield utility services. The estimated model replicates the volatility and cyclicality of inventory investment and inventory-to-target ratios. Although inventories are an important element of the model's propagation mechanism, shocks to inventory efficiency are not an important source of business cycles. When the model is estimated over two subperiods (pre- and post-1984), changes in the volatility of inventory shocks or in structural parameters associated with inventories play a small role in reducing the volatility of output.