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Buffer Stock Models and the Demand for Money
The aim of this text is to make buffer stock theory accessible to undergraduate and post-graduate students. The book is split into two parts, an examination of the buffer stock model of the demand for money and an empirical investigation of one particular model on UK data. The concept of a buffer stock is explained with reference to other economic examples and a survey is made of the nature of the many types of buffer stock model. The econometric performance of the buffer stock model is evaluated using aggregate and sectoral data for the UK economy.
International Buffer Stocks
This work presents theoretical and practical approaches in the field of international buffer stocks in a systematic way. The author outlines the improvements that are being made as regards theoretical approaches, and stresses the significance of the latter as an important instrument for empirical research into the working problems in the commodity markets. She brings out the fact that the application of the buffer stock control scheme is not only the handling of its ground elementary technique, but also its appropriate application in the challenging LDCs and DCs political circumstances. This interpretation emphasizes the significance of the ancient dichotomy which emerges from the treatement of the primary commodities: their strategic and economic importance for international trade.
Regime Transitions, Spillovers and Buffer Stocks
This book presents an econometric modeling approach for analysing macroeconomic disequilibria, focusing on the market for goods and labor and the spillovers between these markets transmitted through firms' decisions in the production sphere. The macroeconomic markets are treated as heterogeneous aggregates, consisting of a multitute of micro markets on which demand/supply ratios differ. Disequilibrium models have been under attack because they neglect that inventories enable firms to smooth production over the cycle, but the author argues that buffer stocks (output inventories, unfilled orders) should be accounted for within the disequilibrium framework, giving rise to a dynamic modification...
India
This paper discusses outlook and risk related to the economic development of India. The Indian economy is on a recovery path, supported by a large terms of trade gain (about 21⁄2 percent of GDP) and reduced external vulnerabilities, though downside risks remain. Important economic and structural reforms have been initiated, but further reforms are needed to boost India’s growth potential. Notwithstanding the cyclical pickup, medium-term growth continues to be constrained by supply-side bottlenecks and weaknesses in the corporate and banking sectors. Past fund advice and the authorities’ macroeconomic policies have been broadly aligned, but progress on structural reforms has been partial.
A Buffer-Stock Model for the Government: Balancing Stability and Sustainability
A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a debt limit is more realistic as it reflects the risk of losing market access. This risk increases the welfare cost of fiscal stimulus at high debt. As a result, the higher the debt, the less governments should smooth the cycle. A larger reaction of interest rates to debt and higher hysteresis magnify this interaction between the debt level and the appropriate reaction to shocks. With very persistent shocks, the appropriate reaction to negative shocks in highly indebted countries can even be procyclical.
