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A Time-Series Analysis of U.S. Petroleum Industry Inventory Behavior

Author

Listed:
  • Robert Krol
  • Shirley Svorny

Abstract

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).

Suggested Citation

  • Robert Krol & Shirley Svorny, 1987. "A Time-Series Analysis of U.S. Petroleum Industry Inventory Behavior," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 65-78.
    • Handle: RePEc:aen:journl:1987v08-04-a06
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    Cited by:

    1. Weerawich Roekchamnong & Pongsa Pornchaiwiseskul & Anant Chiarawongse, 2014. "The Effects of Uncertainties on Inventory Management of Petroleum Products: A Case Study of Thailand," International Journal of Energy Economics and Policy, Econjournals, vol. 4(3), pages 380-390.

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    JEL classification:

    • F0 - International Economics - - General

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