Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/56561 
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dc.contributor.authorFoerster, Marcelen
dc.date.accessioned2012-04-04T13:55:50Z-
dc.date.available2012-04-04T13:55:50Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aPhilipps-University Marburg, Faculty of Business Administration and Economics |cMarburgen
dc.relation.ispartofseries|aMAGKS Joint Discussion Paper Series in Economics |x23-2011en
dc.subject.jelC13en
dc.subject.jelE20en
dc.subject.jelE30en
dc.subject.ddc330en
dc.subject.keywordinventoriesen
dc.subject.keywordBayesian estimationen
dc.subject.keywordDSGE modelen
dc.subject.keywordbusiness cyclesen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwLagerzyklusen
dc.subject.stwBayes-Statistiken
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleBayesian estimation of a DSGE model with inventories-
dc.typeWorking Paperen
dc.identifier.ppn660160986en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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