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We identify four structural shocks by combining a single long\u2010run restriction to identify a permanent output shock with three sign restrictions to identify demand\u2010 and supply\u2010side transitory shocks. We show that during both the inter\u2010war and post\u2010war periods the structural correlation between inventories and real interest rate conditional on identified interest rate shocks is systematically positive; the reduced\u2010form correlation between the two series is positive during the post\u2010war period, but in line with the predictions of theory it is robustly negative during the inter\u2010war era; during that era the correlations between inventories and either of the two other series exhibit a remarkably strong co\u2010movement with output at business cycle frequencies. Copyright \u00a9 2014 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.2408","type":"journal-article","created":{"date-parts":[[2014,9,8]],"date-time":"2014-09-08T05:43:06Z","timestamp":1410154986000},"page":"1210-1222","source":"Crossref","is-referenced-by-count":20,"title":["SALES, INVENTORIES AND REAL INTEREST RATES: A\u2009CENTURY OF STYLIZED FACTS"],"prefix":"10.1002","volume":"29","author":[{"given":"Luca","family":"Benati","sequence":"first","affiliation":[{"name":"Department of Economics University of Bern  Switzerland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Thomas A.","family":"Lubik","sequence":"additional","affiliation":[{"name":"Research Department Federal Reserve Bank of Richmond  VA USA"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2014,9,8]]},"reference":[{"key":"e_1_2_9_2_1","volume-title":"The American Business Cycle: Continuity and Changes","author":"Balke N","year":"1986"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2008.00106.x"},{"key":"e_1_2_9_4_1","first-page":"1159","volume-title":"Handbook of Monetary Economics","author":"Benati L","year":"2011"},{"key":"e_1_2_9_5_1","doi-asserted-by":"crossref","unstructured":"BenatiL LubikT 2012.Sales inventories and real interest rates: a century of stylized facts. 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