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dc.contributor.authorKryvtsov, Oleksiyen
dc.contributor.authorMidrigan, Virgiliuen
dc.date.accessioned2011-12-15T12:57:09Z-
dc.date.available2011-12-15T12:57:09Z-
dc.date.issued2009-
dc.identifier.pidoi:10.34989/swp-2009-6en
dc.identifier.urihttp://hdl.handle.net/10419/53870-
dc.description.abstractReal rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available.We study a menu cost economy in which firms hold inventories in order to avoid stockouts and to economize on fixed ordering costs. We find that, for low rates of depreciation similar to those in the data, inventories are highly sensitive to changes in the cost of holding and acquiring them over the cycle. This implies that the model requires an elasticity of real marginal cost to output approximately equal to the inverse of the elasticity of intertemporal substitution in order to account for the countercyclical inventory-tosales ratio in the data. Stronger real rigidities lower the cost of acquiring and holding inventories during booms and counterfactually predict a procyclical inventory-to-sales ratio.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2009-6en
dc.subject.jelE31en
dc.subject.jelF12en
dc.subject.ddc330en
dc.subject.keywordBusiness fluctuations and cyclesen
dc.subject.keywordTransmission of monetary policyen
dc.subject.stwSchocken
dc.subject.stwBetriebliche Preispolitiken
dc.subject.stwPreisrigiditäten
dc.subject.stwLagermanagementen
dc.subject.stwArbeitsmarkten
dc.subject.stwTheorieen
dc.titleInventories, markups, and real rigidities in menu cost models-
dc.typeWorking Paperen
dc.identifier.ppn59215033Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:09-6en

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