Do interest rates lead real sales and inventories?
This paper uses spectral analysis to study aggregate sales, inventories, and interest rates from a macroeconomic perspective. It assumes countercyclical Federal Reserve policy acts on economic growth, sales, and inventories with a time lag of unknown duration. Interest rate changes affect sales firs...
Gespeichert in:
| Veröffentlicht in: | Business economics (Cleveland, Ohio) Ohio), 2002-04, Vol.37 (2), p.33 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | |
|---|---|
| container_issue | 2 |
| container_start_page | 33 |
| container_title | Business economics (Cleveland, Ohio) |
| container_volume | 37 |
| creator | Larrain, Maurice |
| description | This paper uses spectral analysis to study aggregate sales, inventories, and interest rates from a macroeconomic perspective. It assumes countercyclical Federal Reserve policy acts on economic growth, sales, and inventories with a time lag of unknown duration. Interest rate changes affect sales first, and through sales, they indirectly influence inventories. Viewed from this perspective, changes in interest rates may be expected to have a leading long-run negative statistical association with sales. In addition, attempts to maintain proportionality between inventories and sales may explain a cyclical lead by sales on inventories and a positive correlation between these two variables. In turn, the lagged response of sales to interest rates and the comovement of sales and inventories may explain, albeit indirectly, why a moderate long-run negative statistical association of inventories to interest rates may also be expected. |
| format | Article |
| fullrecord | <record><control><sourceid>proquest</sourceid><recordid>TN_cdi_proquest_journals_199812174</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>124334111</sourcerecordid><originalsourceid>FETCH-LOGICAL-g544-3a53af2a4a0dd6fac0183863e9f2f83de223a65b7de42f760d2adad5ad29aabb3</originalsourceid><addsrcrecordid>eNotjk1LAzEURYMoOFb_Q3AfSN5LMjMrkfpVKLjporvyxvciLcOMJlN_vwFdXQ5czr0XqnEheOMR9peqsda2Jsa4v1Y3pZwq2ojQKHia9XFaJEtZdKZFih6FWGehURcaK9PEtfIj0zLno5SHW3WVaCxy958rtXt53q3fzPb9dbN-3JrP4L1BCkgJyJNljok-rOuwiyh9gtQhCwBSDEPL4iG10TIQEwdi6ImGAVfq_k_7lefvc713OM3nPNXFg-v7zoFrPf4CJ2hBeg</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>199812174</pqid></control><display><type>article</type><title>Do interest rates lead real sales and inventories?</title><source>EBSCOhost Business Source Complete</source><source>JSTOR Archive Collection A-Z Listing</source><creator>Larrain, Maurice</creator><creatorcontrib>Larrain, Maurice</creatorcontrib><description>This paper uses spectral analysis to study aggregate sales, inventories, and interest rates from a macroeconomic perspective. It assumes countercyclical Federal Reserve policy acts on economic growth, sales, and inventories with a time lag of unknown duration. Interest rate changes affect sales first, and through sales, they indirectly influence inventories. Viewed from this perspective, changes in interest rates may be expected to have a leading long-run negative statistical association with sales. In addition, attempts to maintain proportionality between inventories and sales may explain a cyclical lead by sales on inventories and a positive correlation between these two variables. In turn, the lagged response of sales to interest rates and the comovement of sales and inventories may explain, albeit indirectly, why a moderate long-run negative statistical association of inventories to interest rates may also be expected.</description><identifier>ISSN: 0007-666X</identifier><identifier>EISSN: 1554-432X</identifier><identifier>CODEN: BECODS</identifier><language>eng</language><publisher>Basingstoke: Palgrave Macmillan</publisher><subject>Business cycles ; Economic growth ; Economic theory ; Federal Reserve monetary policy ; GDP ; Gross Domestic Product ; Interest rates ; Inventory ; Investments ; Macroeconomics ; Manufacturing ; Recessions ; Sales ; Studies ; Time series ; Variables ; Volatility</subject><ispartof>Business economics (Cleveland, Ohio), 2002-04, Vol.37 (2), p.33</ispartof><rights>Copyright National Association of Business Economics Apr 2002</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784</link.rule.ids></links><search><creatorcontrib>Larrain, Maurice</creatorcontrib><title>Do interest rates lead real sales and inventories?</title><title>Business economics (Cleveland, Ohio)</title><description>This paper uses spectral analysis to study aggregate sales, inventories, and interest rates from a macroeconomic perspective. It assumes countercyclical Federal Reserve policy acts on economic growth, sales, and inventories with a time lag of unknown duration. Interest rate changes affect sales first, and through sales, they indirectly influence inventories. Viewed from this perspective, changes in interest rates may be expected to have a leading long-run negative statistical association with sales. In addition, attempts to maintain proportionality between inventories and sales may explain a cyclical lead by sales on inventories and a positive correlation between these two variables. In turn, the lagged response of sales to interest rates and the comovement of sales and inventories may explain, albeit indirectly, why a moderate long-run negative statistical association of inventories to interest rates may also be expected.</description><subject>Business cycles</subject><subject>Economic growth</subject><subject>Economic theory</subject><subject>Federal Reserve monetary policy</subject><subject>GDP</subject><subject>Gross Domestic Product</subject><subject>Interest rates</subject><subject>Inventory</subject><subject>Investments</subject><subject>Macroeconomics</subject><subject>Manufacturing</subject><subject>Recessions</subject><subject>Sales</subject><subject>Studies</subject><subject>Time series</subject><subject>Variables</subject><subject>Volatility</subject><issn>0007-666X</issn><issn>1554-432X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2002</creationdate><recordtype>article</recordtype><sourceid>8G5</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNotjk1LAzEURYMoOFb_Q3AfSN5LMjMrkfpVKLjporvyxvciLcOMJlN_vwFdXQ5czr0XqnEheOMR9peqsda2Jsa4v1Y3pZwq2ojQKHia9XFaJEtZdKZFih6FWGehURcaK9PEtfIj0zLno5SHW3WVaCxy958rtXt53q3fzPb9dbN-3JrP4L1BCkgJyJNljok-rOuwiyh9gtQhCwBSDEPL4iG10TIQEwdi6ImGAVfq_k_7lefvc713OM3nPNXFg-v7zoFrPf4CJ2hBeg</recordid><startdate>20020401</startdate><enddate>20020401</enddate><creator>Larrain, Maurice</creator><general>Palgrave Macmillan</general><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>88C</scope><scope>8AO</scope><scope>8BF</scope><scope>8FI</scope><scope>8FJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AXJJW</scope><scope>AZQEC</scope><scope>BEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FREBS</scope><scope>FRNLG</scope><scope>FYUFA</scope><scope>F~G</scope><scope>GHDGH</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>K60</scope><scope>K6~</scope><scope>K8~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0Q</scope><scope>M0T</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20020401</creationdate><title>Do interest rates lead real sales and inventories?</title><author>Larrain, Maurice</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-g544-3a53af2a4a0dd6fac0183863e9f2f83de223a65b7de42f760d2adad5ad29aabb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2002</creationdate><topic>Business cycles</topic><topic>Economic growth</topic><topic>Economic theory</topic><topic>Federal Reserve monetary policy</topic><topic>GDP</topic><topic>Gross Domestic Product</topic><topic>Interest rates</topic><topic>Inventory</topic><topic>Investments</topic><topic>Macroeconomics</topic><topic>Manufacturing</topic><topic>Recessions</topic><topic>Sales</topic><topic>Studies</topic><topic>Time series</topic><topic>Variables</topic><topic>Volatility</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Larrain, Maurice</creatorcontrib><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Healthcare Administration Database (Alumni)</collection><collection>ProQuest Pharma Collection</collection><collection>European Business Database (Alumni Edition)</collection><collection>Hospital Premium Collection</collection><collection>Hospital Premium Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Asian & European Business Collection</collection><collection>ProQuest Central Essentials</collection><collection>eLibrary</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Asian & European Business Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>Health Research Premium Collection (Alumni)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>DELNET Management Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>European Business Database</collection><collection>Healthcare Administration Database</collection><collection>Research Library</collection><collection>Research Library (Corporate)</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Business economics (Cleveland, Ohio)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Larrain, Maurice</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Do interest rates lead real sales and inventories?</atitle><jtitle>Business economics (Cleveland, Ohio)</jtitle><date>2002-04-01</date><risdate>2002</risdate><volume>37</volume><issue>2</issue><spage>33</spage><pages>33-</pages><issn>0007-666X</issn><eissn>1554-432X</eissn><coden>BECODS</coden><abstract>This paper uses spectral analysis to study aggregate sales, inventories, and interest rates from a macroeconomic perspective. It assumes countercyclical Federal Reserve policy acts on economic growth, sales, and inventories with a time lag of unknown duration. Interest rate changes affect sales first, and through sales, they indirectly influence inventories. Viewed from this perspective, changes in interest rates may be expected to have a leading long-run negative statistical association with sales. In addition, attempts to maintain proportionality between inventories and sales may explain a cyclical lead by sales on inventories and a positive correlation between these two variables. In turn, the lagged response of sales to interest rates and the comovement of sales and inventories may explain, albeit indirectly, why a moderate long-run negative statistical association of inventories to interest rates may also be expected.</abstract><cop>Basingstoke</cop><pub>Palgrave Macmillan</pub></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0007-666X |
| ispartof | Business economics (Cleveland, Ohio), 2002-04, Vol.37 (2), p.33 |
| issn | 0007-666X 1554-432X |
| language | eng |
| recordid | cdi_proquest_journals_199812174 |
| source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Business cycles Economic growth Economic theory Federal Reserve monetary policy GDP Gross Domestic Product Interest rates Inventory Investments Macroeconomics Manufacturing Recessions Sales Studies Time series Variables Volatility |
| title | Do interest rates lead real sales and inventories? |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-23T20%3A44%3A23IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Do%20interest%20rates%20lead%20real%20sales%20and%20inventories?&rft.jtitle=Business%20economics%20(Cleveland,%20Ohio)&rft.au=Larrain,%20Maurice&rft.date=2002-04-01&rft.volume=37&rft.issue=2&rft.spage=33&rft.pages=33-&rft.issn=0007-666X&rft.eissn=1554-432X&rft.coden=BECODS&rft_id=info:doi/&rft_dat=%3Cproquest%3E124334111%3C/proquest%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=199812174&rft_id=info:pmid/&rfr_iscdi=true |