NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Comparison of the Behavior of Japanese and U.S. Inventories

Kenneth D. West

NBER Working Paper No. 3762
Issued in July 1991
NBER Program(s):   EFG

This paper compares the cyclical and secular behavior of Japanese and U.S. inventories at the aggregate and sectoral level, 1967-1987. While, as is well known, U.S. inventories are sharply procyclical, Japanese inventories are only mildly procyclical. In neither country do inventory and sales move together in the long run, in the sense that the two series do not seem to be cointegrated. In Japan, but not in the U.S., there is a secular decline in the inventory-sales ratio.

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Document Object Identifier (DOI): 10.3386/w3762

Published: International Journal of Production Economics Volume 26, pp.115-222 1992

 
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