The DOI matches its Crossref record; 17 of the 17 references it cites were found in a registry or an index.
Credit Conditions and the Cyclical Behavior of Inventories
Abstract
This paper examines micro data on U. S. manufacturing firms' inventory behavior during different macroeconomic episodes. Much of the analysis focuses on the 1981–1982 recession, which was apparently caused in large part by tight monetary policy. We find that the inventory investment of firms without access to public bond markets is significantly liquidity-constrained during this period. A similar pattern emerges during the 1974–1975 recession, in which tight money also appears to have played a role. In contrast, such liquidity constraints are largely absent during periods of looser monetary policy in the 1970s and 1980s.
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Citations
Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Financing Constraints and Corporate Investment
Fazzari, S., Hubbard, R. G., & Petersen, B. (1987) · National Bureau of Economic Research · doi:10.3386/w2387 · Cited by 4,351
The federal funds rate and the channels of monetary transmissionPreprint
Bernanke, B., & Blinder, A. S. (1989) · RePEc: Research Papers in Economics · Cited by 2,833
Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
Hoshi, T., Kashyap, A., & Scharfstein, D. (1991) · The Quarterly Journal of Economics · doi:10.2307/2937905 · Cited by 2,359
Self-citationMonetary Policy and Credit Conditions: Evidence From the Composition of External Finance
Kashyap, A., Stein, J., & Wilcox, D. (1992) · National Bureau of Economic Research · doi:10.3386/w4015 · Cited by 1,473
Self-citationImperfect Information, Uncertainty, and Credit Rationing
Jaffee, D. M., & Russell, T. (1976) · The Quarterly Journal of Economics · doi:10.2307/1885327 · Cited by 1,411
Monetary Policy and Bank Lending
Kashyap, A., & Stein, J. (1993) · National Bureau of Economic Research · doi:10.3386/w4317 · Cited by 586
Self-citationTaking Stock: A Critical Assessment of Recent Research on Inventories
Blinder, A. S., & Maccini, L. J. (1991) · Journal of Economic Perspectives · doi:10.1257/jep.5.1.73 · Cited by 556
New Evidence on the Monetary Transmission Mechanism
Romer, C. D., Romer, D. H., Goldfeld, S. M., & Friedman, B. M. (1990) · Brookings Papers on Economic Activity · doi:10.2307/2534527 · Cited by 502
Cited by
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
The impact of monetary policy on bank balance sheets
Kashyap, A. K., & Stein, J. C. (1995) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(95)00032-u · Cited by 1,130
Self-citationLocal Bank Financial Constraints and Firm Access to External Finance
PARAVISINI, D. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01393.x · Cited by 391
Firms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
Navigating through economic policy uncertainty: The role of corporate cash holdings
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101607 · Cited by 367
Metadata
- Authors
- Kashyap, A. K., Lamont, O. A., & Stein, J. C.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1994-08-01
- Volume
- 109
- Issue
- 3
- Pages
- 565-592
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2170466606
- Cited by
- 773
- References
- 17
- FWCI
- 29.91
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
