Why Do Real and Nominal Inventory-Sales Ratios Have Different Trends?
解释了实际和名义总库存销售比率趋势分化的原因：总销售包含商品和服务，而库存仅含商品，且商品相对价格长期下降，两者共同导致比率趋势不同。
This note explains the diverging trends between real and nominal aggregate inventory-sales ratios. The combined effect of two features of the data explains the divergence. First, while aggregate sales include both goods and services, inventories include only goods. Second, there has been a strong secular decrease in the relative price of goods. The combination of these two factors causes the real and nominal aggregate inventory-sales ratios to have different trends.