A Time-Series Analysis of U.S. Petroleum Industry Inventory Behavior
Robert Krol () and
Shirley Svorny ()
The Energy Journal, 1987, vol. Volume 8, issue Number 4, 65-78
Earlier empirical studies of inventory behavior have been unable to provide evidence of the production smoothing role of inventories emphasized in the theoretical literature (see Blinder, 1984). We suggest that these results are due to a tradition of relying on a partial-adjustment model to explain inventory behavior. We feel that the partial-adjustment model ignores potentially significant relationships between lagged values of explanatory variables and inventories implied by dynamic analysis. This leads us to investigate the time-series properties of petroleum inventories using the vector autoregression(VAR) methodology developed by Sims (1980).
JEL-codes: F0 (search for similar items in EconPapers)
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