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

Martin Lettau A · Sydney C. Ludvigson

569 citations0/0 files storedAmerican Economic Review

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Abstract

Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption by Martin Lettau and Sydney C. Ludvigson. Published in volume 94, issue 1, pages 276-299 of American Economic Review, March 2004

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1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1993A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems 1981A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the ‘business cycle’1990Asymptotic Properties of Residual Based Tests for Cointegration 1988Testing for Common Trends 1989Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence 1987Asymptotic Properties of Least Squares Estimators of Cointegrating Vectors 1981The Adjustment of Consumption to Changing Expectations About Future Income

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