Interrelated Demands for Buffer Stocks and Productive Inputs: Estimates for Two-Digit Manufacturing Industries
估计了两位数制造业中库存、劳动力、资本和未完成订单的相互需求方程，发现库存受产出需求预期误差影响，但自身价格效应缺失。
Empirical estimates of interrelated factor demand equations for inventories, labor inputs, capital stocks, and unfilled orders in selected two-digit industries are provided. This framework is more comprehensive than previous research as it disaggregates inventories by stage of fabrication, accounts for production-to-stock and production-to-order, and disaggregates capital and labor inputs. All estimated decision rules display stock-adjustment effects, but there are asymmetries in the parameter estimates that are puzzling. There is evidence that factor input prices have a role in explaining stock levels, but own-factor price effects are largely absent. Evidence is uncovered that stocks are sensitive to expectations errors attached to output demand. Copyright 1990 by MIT Press.