Inventory changes and the closing of macroeconometric models
| Autor: | Riccardo Fiorito |
|---|---|
| Rok vydání: | 2003 |
| Předmět: |
Economics and Econometrics
Inventory investment Management Science and Operations Research Residual General Business Management and Accounting Industrial and Manufacturing Engineering Treasury Microeconomics Econometric model Value (economics) Economics Production (economics) Potential output Productivity |
| Zdroj: | International Journal of Production Economics. :75-84 |
| ISSN: | 0925-5273 |
| DOI: | 10.1016/s0925-5273(02)00278-5 |
| Popis: | Inventory changes can help econometric models to balance the supply and the demand side and to endogenize utilization variables without resorting to an arbitrary potential output level. Both results stem from formu- lating inventory-augmented production functions in which inventory changes act as a stationary ECM between value added and inputs on one side and value added and Þnal sales on the other. This happens because factors or prices may adjust too slowly to productivity and sales shocks. The empirical imple- mentation refers to the Italian Treasury Econometric Model (ITEM) in which inventory changes are obtained as a residual from endogenous value added and spending components. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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