Wen, Yi - Federal Reserve Bank of St. Louis - 2009
countercyclical stock-to-sales ratio over the business cycle, and (iv) more volatile input inventories than output inventories. It is …- avoidance motive leads to procyclical liquidity-value of inventories (hence, procyclical relative prices of output), which acts …-to-sales ratio
over the business cycle, and (iv) more volatile input inventories than output invento-
ries. It is also shown that …