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Firms respond to fluctuations in demand by changing their inventories and their levels of production. The relative magnitudes of the inventory and production responses have important implications for the overall cyclical behavior of the economy. Government policies that affect the costs of holding inventories and the costs of the temporary layoffs that accompany reductions in the level of output can therefore have significant effects on the magnitude of aggregate fluctuations. The current paper presents new econometric evidence on the nature of inventory adjustments and then examines how changes in inventory behavior affect the overall business cycle. The analysis in this paper was motivated by our discovery that the parameter estimates of the traditional productional adjustment model are not consistent with the observed magnitudes of inventory change and the production. We have shown here that this production adjustment model is a special case of a more general two-speed adjustment process in which both production and inventory targets adjust slowly. Our estimates of the two-speed model clearly reject the production adjustment model in favor of the target adjustment model in which the inventory target adjusts slowly to changes in sales but production adjusts rapidly to changes in the desired inventory. Our analysis of the spectral properties of a simple macroeconomic model show that the production adjustment model and the target adjustment model can imply quite different cyclical behavior of the economy as a whole. Depending on the autocorrelation of the disturbance, government policies that reduce the speed with which production responds to changes in desired inventories and that place greater reliance on inventory adjustment may stabilize national income. Further analysis of these questions with more realistic models would clearly be desirable.

Government policy.

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The situation of young people in Europe has been significantly impacted by recent changes that have taken place in the job market. Young people's life trajectories and transitions to adulthood are increasingly less linear, more segmented and more reversible, with a rise in unemployment and the NEET (Not in Employment, Education or Training) phenomenon. This book aims to investigate the youth policies implemented in Europe and how they are integrated in the socio-economic contexts of the various member states and their welfare regimes, educational systems and skills markets. A significant number of young adults neither study nor work and live in a constant state of discouragement and inactivity, giving up on their search for job opportunities. The strategic choices implemented at the European level in response to this problem promote active labour market policies (ALMP), including the creation of the Youth Guarantee Program, which is examined here both at the European level and, specifically, in the Italian context.

Youth --- Government policy --- Government policy.

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The political debate on cannabis policy is often more based on opinions than on evidence. However, evidence-based knowledge is required to design effective cannabis policy. A review of the scientific literature on cannabis policy and its consequences was conducted.

Cannabis - Government policy. --- Cannabis --- Marijuana --- Government policy. --- Government policy.

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In an urbanizing world economy featuring thousands of cities, households and firms have strong incentives to make locational investments and self protection choices to reduce their exposure to new climate change induced risks. This pursuit of self interest reduces the costs imposed by climate change. This paper develops a dynamic compensating differentials model to explore how the "menu" offered by a system of cities insures us against emerging risks. Insights from urban economics offer a series of testable hypotheses concerning the economic incidence of spatially tied climate change risk.

Climatic changes --- Government policy. --- Government policy

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intellectual property for India's economic growth, socio-cultural development.

Intellectual property --- Government policy --- Government policy.