In their paper, Sydney Ludvigson, Charles Stendel, and Martin Lettau examine empirically the narrow but important issue of to what extent monetary policy affects consumer spending by altering the aggregate value of wealth.
Here, I first comment on the paper itsef, then discuss implications for the broader question of whether the wealth effect is important (independent of monetary policy), and then suggest some avenues for future research.
Zeldes, Stephen. "Commentary." Economic Policy Review 8, no. 1 (May 2002): 135-38.
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