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About this product
- DescriptionThis 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 ubserved by the ecometrician 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 kwn 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 ecometric modelling.
- PublisherSpringer-Verlag New York Inc.
- Date of Publication25/01/1989
- SubjectLibrary & Information Science
- Series TitleLecture Notes in Economics and Mathematical Systems
- Series Part/Volume Number322
- Place of PublicationNew York, NY
- Country of PublicationUnited States
- ImprintSpringer-Verlag New York Inc.
- Content Notebiography
- Weight507 g
- Width170 mm
- Height244 mm
- Spine15 mm
- Edited byTryphon Kollintzas
- Format DetailsTrade paperback (US)
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