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Working Paper 2005-047A Search | View by Year | View by Category | View by Author | View by JEL Code"Durable Good Inventories and the Volatility of Production: Explaining the Less Volatile U.S. Economy"
This paper provides a simple dynamic optimization model of durable goods inventories. Closed-form solutions are derived in a general equilibrium environment with imperfect information and serially correlated shocks. The model is then applied to scrutinize some popular conjectures regarding the causes of the volatility reduction of GDP since 1984. Full Text - Acrobat PDF (321k) Notify Me of Updates for:
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