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Still more on the speed of adjustment in inventory models: A lesson in aggregation (1993)

Seitz, Helmut

Springer

Empirical economics 18 (1993), S. 103-127

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ISSN: 1435-8921

Keywords: C33 ; E22 ; C43

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract Applied econometric research has been troubled by the fact that estimated adjustment speeds from stock-adjustment models of inventory investment turn out to be “implausibly slow”. The paper presents new empirical evidence using business-survey data colfected by the IFO Institute Munich, Germany. It is shown empirically that there is no such a thing as an “implausibly slow” adjustment speed if estimation is done at the same level of aggregation as is requested by the underlying microeconomic theory, that is, at the level of the individual firm. Slow adjustment speeds turn out to be an artifact due to aggregation.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01238882

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