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Credit conditions and the cyclical behavior of inventories : a case study of the 1981-82 recession / Anil K. Kashyap, Owen A. Lamont, Jeremy C. Stein.
- Kashyap, A. K. (författare)
- Lamont, Owen A. (författare)
- Stein, Jeremy C. (författare)
- Cambridge, Mass. National Bureau of Economic Research, 1992
- Engelska 31, [13] s.
- Serie: Working paper series / National Bureau of Economic Research, 99-0429337-6 ; 4211
- swepub:Mat__t
Abstract
Ämnesord
Stäng
- This paper examines micro data on U.S. firms' inventories during different macroeconomic episodes. Much of the analysis focuses on the 1981-82 recession, a recession that was apparently precipitated by tight monetary policy. We find important cross-sectional effects in this period: firms that were "bank-dependent" were much more prone to shed inventories than their non-bank-dependent counterparts. In contrast, such cross-sectional differences are largely absent during a period of "loose" monetary policy later in the 1980s. Our findings are consistent with the view that 1) there is a bank lending channel of monetary policy transmission; 2) the lending channel is likely to be particularly important in explaining inventory fluctuations during downturns.
Ämnesord
- Inventories -- United States -- Mathematical models (LCSH)
- Credit -- United States (LCSH)
- Recessions -- United States (LCSH)
Publikations- och innehållstyp
- 339 (DDC)
- Qaa (kssb/8 (machine generated))
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- Kashyap, A. K.
- Lamont, Owen A.
- Stein, Jeremy C.
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