It has long been known that inventories at the macroeconomic level affect the depth and length of business cycles.
( It ( ( ( has long ) ( been ( known ( that ( ( inventories ( at ( the ( macroeconomic level ) ) ) ) ( affect ( ( the ( ( depth and ) length ) ) ( of ( business cycles ) ) ) ) ) ) ) ) ) . ) )
(ROOT (S (NP (PRP It)) (VP (VBZ has) (ADVP (RB long)) (VP (VBN been) (VP (VBN known) (SBAR (IN that) (S (NP (NP (NNS inventories)) (PP (IN at) (NP (DT the) (JJ macroeconomic) (NN level)))) (VP (VBP affect) (NP (NP (DT the) (NN depth) (CC and) (NN length)) (PP (IN of) (NP (NN business) (NNS cycles)))))))))) (. .)))
Inventories at the macroeconomic level have increased in recent years.
( ( Inventories ( at ( the ( macroeconomic level ) ) ) ) ( ( have ( increased ( in ( recent years ) ) ) ) . ) )
(ROOT (S (NP (NP (NNS Inventories)) (PP (IN at) (NP (DT the) (JJ macroeconomic) (NN level)))) (VP (VBP have) (VP (VBN increased) (PP (IN in) (NP (JJ recent) (NNS years))))) (. .)))