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dc.contributor.authorIacoviello, Matteoen_US
dc.contributor.authorSchiantarelli, Fabioen_US
dc.contributor.authorSchuh, Scotten_US
dc.date.accessioned2008-06-12en_US
dc.date.accessioned2012-02-23T08:24:02Z-
dc.date.available2012-02-23T08:24:02Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/55615-
dc.description.abstractWe 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.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of Boston Boston, Mass.en_US
dc.relation.ispartofseriesWorking paper series // Federal Reserve Bank of Boston 07-16en_US
dc.subject.jelE22en_US
dc.subject.jelE32en_US
dc.subject.jelE37en_US
dc.subject.ddc330en_US
dc.subject.keywordInventoriesen_US
dc.subject.keywordbusiness cyclesen_US
dc.subject.keywordoutput volatilityen_US
dc.subject.keywordBayesian estimationen_US
dc.subject.keywordGreat Moderationen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwModell-Spezifikationen_US
dc.subject.stwLagerzyklusen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwTheorieen_US
dc.titleInput and output inventories in general equilibriumen_US
dc.typeWorking Paperen_US
dc.identifier.ppn568828208en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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