The Rational Expectations Equilibrium Inventory Model: Theory and Applications: 322 (Lecture Notes in Economics and Mathematical Systems, 322) - Softcover

Kollintzas, Tryphon

 
9780387969404: The Rational Expectations Equilibrium Inventory Model: Theory and Applications: 322 (Lecture Notes in Economics and Mathematical Systems, 322)
Softcover
ISBN 10: 0387969403 ISBN 13: 9780387969404
Verlag: Springer US, 1989

Inhaltsangabe

This volume consists of six essays that develop and/or apply "rational expectations equilibrium inventory models" to study the time series behavior of production, sales, prices, and inventories at the industry level. By "rational expectations equilibrium inventory model" I mean the extension of the inventory model of Holt, Modigliani, Muth, and Simon (1960) to account for: (i) discounting, (ii) infinite horizon planning, (iii) observed and unobserved by the "econometrician" stochastic shocks in the production, factor adjustment, storage, and backorders management processes of firms, as well as in the demand they face for their products; and (iv) rational expectations. As is well known according to the Holt et al. model firms hold inventories in order to: (a) smooth production, (b) smooth production changes, and (c) avoid stockouts. Following the work of Zabel (1972), Maccini (1976), Reagan (1982), and Reagan and Weitzman (1982), Blinder (1982) laid the foundations of the rational expectations equilibrium inventory model. To the three reasons for holding inventories in the model of Holt et al. was added (d) optimal pricing. Moreover, the popular "accelerator" or "partial adjustment" inventory behavior equation of Lovell (1961) received its microfoundations and thus overcame the "Lucas critique of econometric modelling.

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Reseña del editor

This volume consists of six essays that develop and/or apply "rational expectations equilibrium inventory models" to study the time series behavior of production, sales, prices, and inventories at the industry level. By "rational expectations equilibrium inventory model" I mean the extension of the inventory model of Holt, Modigliani, Muth, and Simon (1960) to account for: (i) discounting, (ii) infinite horizon planning, (iii) observed and unobserved by the "econometrician" stochastic shocks in the production, factor adjustment, storage, and backorders management processes of firms, as well as in the demand they face for their products; and (iv) rational expectations. As is well known according to the Holt et al. model firms hold inventories in order to: (a) smooth production, (b) smooth production changes, and (c) avoid stockouts. Following the work of Zabel (1972), Maccini (1976), Reagan (1982), and Reagan and Weitzman (1982), Blinder (1982) laid the foundations of the rational expectations equilibrium inventory model. To the three reasons for holding inventories in the model of Holt et al. was added (d) optimal pricing. Moreover, the popular "accelerator" or "partial adjustment" inventory behavior equation of Lovell (1961) received its microfoundations and thus overcame the "Lucas critique of econometric modelling.

Reseña del editor

This volume contains six essays that develop and/or apply rational expectations equilibrium inventory models to study the time series behavior of production, sales, prices, and inventories at the industry level. This is an extension of the inventory model of Holt, Modigliani, Muth and Simon (1960) to account for discounting, infinite horizon planning, observed and unobserved stochastic shocks in the production, factor adjustment, storage, and backorders management processes of firms, as well as in the demand they face for their products, and rational expectations. This volume should be primarily of interest to researchers in business cycle phenomena and applied industrial organization. However, it should also be useful to students in applied dynamic economics and econometrics in general.

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Verlag
Springer US
Erscheinungsdatum
1989
Sprache
Englisch
ISBN 10 
0387969403
ISBN 13 
9780387969404
Einband
Tapa blanda
Anzahl der Seiten
292
Kontakt zum Hersteller
Nicht verfügbar
Verantwortliche Person
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Hamburg
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9783540969402: The Rational Expectations Equilibrium Inventory Model: Theory and Applications

Vorgestellte Ausgabe

ISBN 10:  3540969403 ISBN 13:  9783540969402
Verlag: Springer-Verlag Berlin and Heide..., 1989
Softcover