What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs
利用结构向量自回归框架研究新闻冲击如何通过回报率和边际成本影响库存积累，发现库存对全要素生产率上升的新闻反应强烈且正向，且回报率变化是主要传导渠道。
Abstract We study the determinants of inventory accumulation in a structural vector autoregression (VAR) framework with news shocks. Specifically, we investigate how news shocks affect two key determinants of inventory movements, namely, rates of return and marginal costs. We establish that inventories react strongly and positively to news about future increases in total factor productivity. We provide evidence that changes in external and internal rates of return are central to the transmission for such news shocks. We do not find evidence for a dominant role of marginal costs.