The Rational Expectations Equilibrium Inventory Model

Language: English

Published by Springer, Copernicus Feb 1989, 1989

0387969403 / 9780387969404

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This item is printed on demand - Print on Demand Titel. Neuware -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.Springer-Verlag KG, Sachsenplatz 4-6, 1201 Wien 292 pp. Englisch.

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Title
The Rational Expectations Equilibrium Inventory Model
Author
Tryphon Kollintzas
Publisher
Springer, Copernicus Feb 1989
Publication year
1989
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
0387969403
ISBN 13
9780387969404
Item weight
508 grams
Dimensions
244x170x16 mm

buchversandmimpf2000

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