Yang Zhang

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Staff Discussion Papers

Inventories in ToTEM

Staff Discussion Paper 2010-9 Oleksiy Kryvtsov, Yang Zhang
ToTEM – the Bank of Canada’s principal projection and policy-analysis model for the Canadian economy – is extended to include inventories. In the model, firms accumulate inventories of finished goods for their role in facilitating the demand for goods.

Inventories, Stockouts, and ToTEM

Staff Discussion Paper 2010-8 Oleksiy Kryvtsov, Yang Zhang
Inventory investment is an important component of the Canadian business cycle. Despite its small average size – less than 1 per cent of output – it exhibits volatile procyclical fluctuations, accounting for almost one-third of output variance.

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