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 other major industrial economies. 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 U.S. and West Germany, and the preferred model that results from this analysis is compared with the empirical evidence for the U.S.
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