Abstract

http://ssrn.com/abstract=108588
 
 

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Interactions Between the Seasonal and Business Cycles in Production and Inventories


Stephen G. Cecchetti


Brandeis International Business School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Anil K. Kashyap


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

David W. Wilcox


Federal Reserve Board - Division of Research and Statistics


The American Economic Review, December 1997

Abstract:     
This paper shows that in several U.S. manufacturing industries, the seasonal variability of production and inventories varies with the state of the business cycle. We present a simple model which implies that if firms reduce the seasonal variability of their production as the economy strengthens, and they either hold constant or increase the stock of inventories they bring into the high-production seasons of the year, then they must be facing upward-sloping and convex marginal cost curves. We conclude that firms in a number of industries face upward-sloping and convex marginal-production-cost curves.

JEL Classification: E32, C49

Accepted Paper Series


Not Available For Download

Date posted: July 27, 1998  

Suggested Citation

Cecchetti, Stephen G. and Kashyap, Anil K. and Wilcox, David W., Interactions Between the Seasonal and Business Cycles in Production and Inventories. The American Economic Review, December 1997. Available at SSRN: http://ssrn.com/abstract=108588

Contact Information

Stephen G. Cecchetti (Contact Author)
Brandeis International Business School ( email )
415 South Street
Waltham, MA 02453
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
212-720-8629 (Phone)
212-720-2630 (Fax)
Centre for Economic Policy Research (CEPR) ( email )
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Anil K. Kashyap
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-7260 (Phone)
773 702-0458 (Fax)
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
773-702-7260 (Phone)
773-702-0458 (Fax)
David W. Wilcox
Federal Reserve Board - Division of Research and Statistics ( email )
20th and C Streets, NW
Mailstop 153
Washington, DC 20551
United States
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