Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption

American Economic Review - Tập 94 Số 1 - Trang 276-299 - 2004
Martin Lettau1, Sydney C. Ludvigson2
1Department of Finance, Stern School of Business, New York University, 44 West Fourth Street, New York, NY 10012.
2Department of Economics, New York University, 269 Mercer Street, 7th Floor, New York, NY 10003.

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