The Production-smoothing Model Is Alive and Well
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چکیده
Monthly data in physical units for seven industries are used to examine the production-smwthing hypothesis. The results strongly support this hypothesis. Significant effects of expected future sales on current production are found for four industries. and the estimated decision equations for all seven industries imply production-smoothing behavior. The previous negative results appear to be due to the USC of data biased against the hypothesis the shipments and inventory data of the Department of Commerce. The paper aiso shows that sensible results can be obtained from estimating approximations 10 decision equations as opposed to estimating Euler equations.
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