This paper aims to investigate the relationship between inventory change and the industry cycle in a deeper way. The nonlinear, two-state, trivariate, Markov regime-switching model developed in this paper which includes inventory change, capacity utilization and chip sales not only obtains...

Constructing a model of structural change with household production, this paper finds two equilibrium paths: one path leads to a low-income steady state and the other to a high-income steady state. This paper shows that as long as the relative marginal productivity of manufactured goods in...

Constructing a model of structural change with household production, this paper finds two equilibrium paths: one path leads to a low-income steady state and the other to a high-income steady state. This paper shows that as long as the relative marginal productivity of manufactured goods in...