这篇文章是讨论异质性厂商存货行为对经济波动的影响，我们证明了存货的存在会加大经济波动，这结论与Khan&Thomas，2007，AER完全相反。 文章的另一个创新之处在于，我们证明利用Dostey etc（1999）QJE的方法可以解出异质性存货的DSGE模型。

1 论文标题
When Can Inventories Destabilize the Economy?---An Analytical Approach to (S,s) Policies
2 作者信息
Pengfei Wang
Hong Kong University of Science & Technology
Yi Wen
Federal Reserve Bank of St. Louis and Tsinghua University
Zhiwei Xu
Hong Kong University of Science & Technology

3 出处和链接（比如，NBER working paper No.11000）
Federal Reserve Bank of St. Louis  Working Paper Series
4 摘要
This paper provides a method to analytically (or tractably) solve (S,s) inventory policies in general equilibrium. This solution method can handle large state space with many state variables, such as multiple capital stocks, lagged aggregate investment and consumption, and other predetermined aggregate variables, thus greatly reducing the computation costs of DSGE models with inventories. We use the Khan-Thomas (2007) model to illustrate how standard log-linearization methods can be used to solve various versions of this inventory model and generate impulse response functions. We find that the conventional wisdom that inventory investment destabilizes the economy can still hold in general-equilibrium if firms face investment adjustment costs or can vary the capacity utilization rate.