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Inventory Shocks and the Great Moderation.. (2015). Singh, Aarti ; Morley, James.
In: Discussion Papers.
RePEc:swe:wpaper:2012-42a.

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  1. Estimating Household Consumption Insurance. (2019). Morley, James ; Chatterjee, Arpita ; Singh, Aarti.
    In: Working Papers.
    RePEc:syd:wpaper:2017-04.

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  2. Full Information Estimation of Household Income Risk and Consumption Insurance. (2017). Singh, Aarti ; Morley, James ; Chatterjee, Arpita.
    In: Discussion Papers.
    RePEc:swe:wpaper:2017-07.

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References

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  35. 26Granger and Lee (1989) find evidence of asymmetric error correction effects depending on the sign of inventory investment relative to its mean and the sign of the cointegrating error for inventories and sales.
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  36. 27Somewhat more consistent with our findings, Maccini and Pagan (2009) find that increased production smoothing does not play a role in the Great Moderation. Instead, they find that an estimated structural model based on pre-moderation data could only have generated the observed reduction in output volatility if the volatilities of the sales process and technology shocks declined by about half. In this sense, their results are strongly supportive of the “good luck” hypothesis. However, their model does not allow for inventory mistakes. As a robustness check, they do consider a modified version of their model in which only past values of sales are observed by firms when setting production. However, this is different from inventory mistakes that arise from noisy signals about sales.
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