Abstract
Inventory fluctuations are known to be an important propagation mechanism for U.S. business cycles. This paper compares the significance of inventory fluctuations in the U.S. with four other major industrial economies in Europe. A general model of aggregate inventory demand is specified which seeks to encompass the models presented in recent studies of inventory behavior. This model is estimated for the large European economies —United Kingdom, West Germany, France and Italy. The preferred models that result from this analysis are compared with the empirical evidence for the U.S.
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