英文标题：
《Inventory growth cycles with debt-financed investment》
---
作者：
Matheus Grasselli, Adrien Nguyen-Huu (LAMETA, CREST)
---
最新提交年份：
2016
---
英文摘要：
We propose a continuous-time stock-flow consistent model for inventory dynamics in an economy with firms, banks, and households. On the supply side, firms decide on production based on adaptive expectations for sales demand and a desired level of inventories. On the demand side, investment is determined as a function of utilization and profitability and can be financed by debt, whereas consumption is independently determined as a function of income and wealth. Prices adjust sluggishly to both changes in labour costs and inventory. Disequilibrium between expected sales and demand is absorbed by unplanned changes in inventory. This results in a five-dimensional dynamical system for wage share, employment rate, private debt ratio, expected sales, and capacity utilization. We analyze two limiting cases: the long-run dynamics provides a version of the Keen model with effective demand and varying inventories, whereas the short-run dynamics gives rise to behaviour that we interpret as Kitchin cycles.
---
中文摘要：
我们提出了一个企业、银行和家庭经济中库存动态的连续时间库存流一致性模型。在供应方面，企业根据对销售需求的适应性预期和期望的库存水平来决定生产。在需求方面，投资取决于利用率和盈利能力，可以通过债务融资，而消费则独立取决于收入和财富。价格因劳动力成本和库存的变化而缓慢调整。预期销售和需求之间的不平衡被库存的意外变化所吸收。这导致了工资份额、就业率、私人债务比率、预期销售额和产能利用率的五维动态系统。我们分析了两种极限情况：长期动态提供了具有有效需求和不同库存的Keen模型，而短期动态产生了我们解释为Kitchin循环的行为。
---
分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
--

---
PDF下载：
-->