Wen, Yi (contributor) - 2008
-avoidance motive. The model�s predictions are broadly consistent with the
U.S. business cycle and key features of inventory behavior …-to-sales ratio over the business cycle, and (iv) more volatile
input inventories than output inventories. However, contrary to common …, Countercyclical Stock-to-Sales Ratio, Business Cycle.
JEL codes: E13, E20, E32.
An earlier version of this paper was circulated under …