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dc.contributor.authorFoerster, Marcelen_US
dc.date.accessioned2012-04-04T13:55:50Z-
dc.date.available2012-04-04T13:55:50Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/56561-
dc.description.abstractThis paper introduces inventories in an otherwise standard Dynamic Stochastic General Equilibrium Model (DSGE) of the business cycle. Firms accumulate inventories to facilitate sales, but face a cost of doing so in terms of costly storage of intermediate goods. The paper's main contribution is to present a DSGE model with inventories that is estimated using Bayesian methods. Based on US data we show that accounting for inventory dynamics has a significant impact on parameter estimates and impulse responses. Our analysis also reveals that the contribution of structural shocks to variations in the observable variables changes significantly when we allow for inventories. Moreover, we find that inventories enter the Phillips curve as an additional and significant driving variable of inflation and make the inflation process less backward-looking.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Business Administration & Economics Marburgen_US
dc.relation.ispartofseriesJoint discussion paper series in economics 23-2011en_US
dc.subject.jelC13en_US
dc.subject.jelE20en_US
dc.subject.jelE30en_US
dc.subject.ddc330en_US
dc.subject.keywordinventoriesen_US
dc.subject.keywordBayesian estimationen_US
dc.subject.keywordDSGE modelen_US
dc.subject.keywordbusiness cyclesen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwLagerzyklusen_US
dc.subject.stwBayes-Statistiken_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleBayesian estimation of a DSGE model with inventoriesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn660160986en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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