What Inventory Behavior Tells Us About Business Cycles
研究库存-销售比的反周期模式，认为要素利用成本变化导致生产库存制造业的加价反周期，且加价对解释库存-销售比行为比跨期替代更重要。
The countercyclical pattern of inventory-sales ratios is a striking feature of inventory behavior. In a model where inventories are productive for sales, both the markup of price over marginal cost and expected changes in marginal cost are key determinants of that ratio. This paper argues that costly variation in factor utilization gives rise to countercyclical markups in production-to-stock manufacturing industries. The markup turns out to be more important than intertemporal substitution in explaining the behavior of inventory-sales ratios.