THE RESURGENCE OF INVENTORY RESEARCH: WHAT HAVE WE LEARNED?

Alan S. Blinder · Louis J. Maccini

260 citations0/0 files storedJournal of Economic Surveys

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Monetary Policy and Economic Impact Supply Chain and Inventory Management Economic Theory and Policy

Abstract

Abstract. Recent empirical and theoretical research on business inventories is surveyed and critically evaluated. While most inventory research has had macroeconomic motivations, we focus on its microtheoretic basis and on potential conflicts between theory and evidence. The paper asks two principal questions. First, how can inventories, which are allegedly used by firms to stabilize production, nonetheless be a destabilizing factor at the macroeconomic level? Second, why, if firms are following the production‐smoothing model, is production more variable than sales in many industries? We suggest that the so‐called (S,s) model may help answer both questions.

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References

1982Time to Build and Aggregate Fluctuations 1989Entry and Exit Decisions under Uncertainty 1964Analysis of Inventory Systems.1960MATHEMATICAL METHODS IN THE SOCIAL SCIENCES, 1959 1975Implicit Contracts and Underemployment Equilibria 1986Capital Market Equilibrium with Transaction Costs 1951Optimal Inventory Policy 1974Wages and Employment under Uncertain Demand

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