English, Article, Journal or magazine article edition: Input and Output Inventories in General Equilibrium Matteo Iacoviello; Fabio Schiantarelli; Scott Schuh

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Bookmark: http://trove.nla.gov.au/version/73456
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Input and output inventories in general equilibrium
Author
  • Matteo Iacoviello
  • Fabio Schiantarelli
  • Scott Schuh
Physical Description
  • preprint
Notes
  • We build and estimate a two-sector (goods and services) dynamic general equilibrium model with two types of inventories: finished goods (output) inventories yield utility services while materials (input) inventories facilitate the production of goods. The model, which contains neutral and inventory-specific technology shocks and preference shocks, is estimated by Bayesian methods. The estimated model replicates the volatility and cyclicality of inventory investment and inventory-target ratios. When estimated over subperiods, the results suggest that changes in the volatility of inventory shocks, or in structural parameters associated with inventories, play a minor role in the reduction of the volatility of output.
  • Inventories, business cycles, output volatility, Bayesian estimation
  • RePEc:boc:bocoec:658
  • We build and estimate a two-sector (goods and services) dynamic stochastic general equilibrium model with two types of inventories: materials (input) inventories facilitate the production of finished goods, while finished goods (output) inventories yield utility services. The model is estimated using Bayesian methods. The estimated model replicates the volatility and cyclicality of inventory investment and inventory-to-target ratios. Although inventories are an important element of the model’s propagation mechanism, shocks to inventory efficiency or management are not an important source of business cycles. When the model is estimated over two subperiods (pre- and post-1984), changes in the volatility of inventory shocks, or in structural parameters associated with inventories play a minor role in reducing the volatility of output.
  • Stochastic analysis ; Inventories
  • RePEc:fip:fedbwp:07-16
Language
  • English
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