SALES, INVENTORIES AND REAL INTEREST RATES: A CENTURY OF STYLIZED FACTS
销售、库存与实际利率：一个世纪的典型事实
SUMMARY We use Bayesian time‐varying parameter structural vector autoregressions with stochastic volatility to investigate changes in reduced‐form and structural correlations between inventories and either sales growth or the real interest rate in the USA during both the inter‐war and post‐World War II periods. We identify four structural shocks by combining a single long‐run restriction to identify a permanent output shock with three sign restrictions to identify demand‐…