U.S. Trade and Inventory Dynamics
U.S. Trade and Inventory Dynamics
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美国贸易和库存动态
DOI：
10.2139/ssrn.1746965
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Virgiliu Midrigan
中科院分区：
文献类型：
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作者：
George Alessandria;Joseph P. Kaboski;Virgiliu Midrigan
作者研究了最近经济衰退中美国贸易大幅下降和反弹的根源。虽然贸易的下降和反弹超过了贸易商品的支出或生产，但他们发现，相对于衰退的幅度，这些贸易波动与以前的商业周期波动一致。作者认为，贸易的高波动性归因于参与国际贸易的公司更严格的库存管理考虑。他们为汽车以及总体水平提供了经验证据，表明库存持有量的调整有助于解释这些贸易波动。
The authors examine the source of the large fall and rebound in U.S. trade in the recent recession. While trade fell and rebounded more than expenditures or production of traded goods, they find that relative to the magnitude of the downturn, these trade fluctuations were in line with those in previous business cycle fluctuations. The authors argue that the high volatility of trade is attributed to more severe inventory management considerations of firms involved in international trade. They present empirical evidence for autos as well as at the aggregate level that the adjustment of inventory holdings helps explain these fluctuations in trade.