differently from their model, we allow for inventories to depreciate, and in our calibrations we assume this depreciation is at a rate that exceeds that of capital. As in these seminal papers, we model inventories as a factor of production, a framework that has beenadopted more recently by Belo and Lin (2009), Gomes, Kogan, and Yogo (2009), and (in a model with working capital rather than inventories) by Wu, Zhang, and Zhang (2010). Using inventories as a factor of production can be motivated in several ways. By investing more in inventories, firms can reduce the number of costly factory changeovers in which the capital stock is reconfigured to produce a different output good. Alternatively, if the firm faces fluctuating demand or supply, then holding inventories can ensure high capacity utilization, and thus high production output for a given level of capital. Finally, inventory investment can be considered as a substitute to investing in and maintaining a just-in-time production environment.本文来自优.文~论^文·网原文请找腾讯3249,114
Because of this riskiness, inventory investment responds strongly to fluctuations in the equity risk pre-mium. Even after controlling for other variables in the model that would be expected to drive inventories, a one percentage point increase in the one-quarter equity risk premium lowers inventory growth by about one third of a percent. Furthermore, if we “turn off ” time varying risk premia by imposing constant volatility in our pricing kernel, the volatility of inventory growth drops by over 80%. Both of these results suggest an important role for equity risk premia in explaining inventory behavior.
石油钻井实习报告Most significantly, we diverge from the approach of Kydland and Prescott (1982) and Christiano (1988) by assuming an exogenous pricing kernel, along the lines of Berk, Green, and Naik (1999) and Zhang (2005), that has the potential to generate realistic asset pricing
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