Inventories and the Structure of Macro Models
论证存货在经济周期传播中的实证重要性，并探讨存货如何改变理论宏观模型的结构，对宏观经济学研究者有参考价值。
The message of this paper can be summed up in two words: inventories matter. They matter empirically, in the sense that inventory developments are of major importance in the propagation of business cycles; and they matter theoretically, in the sense that recognition of their existence changes the structure of a variety of theoretical macromodels in some fairly important ways. This paper is mainly about the implications of inventories for the structure of theoretical macro models, but I begin by demonstrating the empirical importance of inventories in business fluctuations