{"id":"https://openalex.org/W219655855","doi":null,"title":"Monetary Policy Transmission through the Consumption-Wealth Channel. (Session 2: The Macroeconomic Environment)","display_name":"Monetary Policy Transmission through the Consumption-Wealth Channel. (Session 2: The Macroeconomic Environment)","publication_year":2002,"publication_date":"2002-05-01","ids":{"openalex":"https://openalex.org/W219655855","mag":"219655855"},"language":"en","primary_location":{"id":"mag:219655855","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1G1-87103978/monetary-policy-transmission-through-the-consumption-wealth","pdf_url":null,"source":{"id":"https://openalex.org/S2764452022","display_name":"Federal Reserve Bank of New York Economic policy review","issn_l":"1932-0426","issn":["1932-0426","1932-0604"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Federal Reserve Bank of New York Economic policy review","raw_type":null},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045073684","display_name":"Sydney C. Ludvigson","orcid":"https://orcid.org/0000-0003-3704-8713","observed_orcids":["https://orcid.org/0000-0003-3704-8713"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Sydney C. Ludvigson","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-3704-8713","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5086409044","display_name":"Charles Steindel","orcid":"https://orcid.org/0000-0002-6948-0124","observed_orcids":["https://orcid.org/0000-0002-6948-0124"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Charles Steindel","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-6948-0124","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5033095024","display_name":"Martin Lettau A","orcid":"https://orcid.org/0000-0003-4049-4706","observed_orcids":["https://orcid.org/0000-0003-4049-4706"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Martin Lettau","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-4049-4706","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.7893,"has_fulltext":false,"cited_by_count":36,"citation_normalized_percentile":{"value":0.93972999,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"8","issue":"1","first_page":"117","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-transmission","display_name":"monetary policy transmission","score":0.8790000081062317},{"id":"https://openalex.org/keywords/asset-prices","display_name":"asset prices","score":0.5590000152587891},{"id":"https://openalex.org/keywords/consumer-spending","display_name":"consumer spending","score":0.7519999742507935},{"id":"https://openalex.org/keywords/nondurable-goods","display_name":"non-durable goods","score":0.7300000190734863},{"id":"https://openalex.org/keywords/structural-vector-autoregression","display_name":"structural vector autoregression","score":0.7409999966621399},{"id":"https://openalex.org/keywords/automatic-stabilization","display_name":"automatic stabilization","score":0.5099999904632568},{"id":"https://openalex.org/keywords/household-wealth","display_name":"household wealth","score":0.4699999988079071},{"id":"https://openalex.org/keywords/real-balance-effect","display_name":"real balance effect","score":0.453000009059906},{"id":"https://openalex.org/keywords/monetary-policy-effectiveness","display_name":"monetary policy effectiveness","score":0.367000013589859},{"id":"https://openalex.org/keywords/us-economy","display_name":"United States economy","score":0.5189999938011169}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8697890043258667},{"id":"https://openalex.org/C79108098","wikidata":"https://www.wikidata.org/wiki/Q624672","display_name":"Pigou effect","level":2,"score":0.6728384494781494},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6294701099395752},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.5893334746360779},{"id":"https://openalex.org/C177033891","wikidata":"https://www.wikidata.org/wiki/Q5164722","display_name":"Consumer spending","level":3,"score":0.5740706920623779},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5531691908836365},{"id":"https://openalex.org/C2776149234","wikidata":"https://www.wikidata.org/wiki/Q3140641","display_name":"Wealth effect","level":3,"score":0.49099376797676086},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4644837975502014},{"id":"https://openalex.org/C8112001","wikidata":"https://www.wikidata.org/wiki/Q161081","display_name":"Deflation","level":3,"score":0.4390966296195984},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.41993945837020874},{"id":"https://openalex.org/C88583849","wikidata":"https://www.wikidata.org/wiki/Q5183768","display_name":"Credit channel","level":4,"score":0.4154631495475769},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3864479660987854},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.23673847317695618},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:219655855","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1G1-87103978/monetary-policy-transmission-through-the-consumption-wealth","pdf_url":null,"source":{"id":"https://openalex.org/S2764452022","display_name":"Federal Reserve Bank of New York Economic policy review","issn_l":"1932-0426","issn":["1932-0426","1932-0604"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Federal Reserve Bank of New York Economic policy review","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","score":0.6200000047683716,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3125499386","https://openalex.org/W7097951781","https://openalex.org/W3121295090","https://openalex.org/W7098556913","https://openalex.org/W3124089477","https://openalex.org/W1987048002","https://openalex.org/W3124002501","https://openalex.org/W7220391471","https://openalex.org/W2738306386","https://openalex.org/W7140314095"],"abstract_inverted_index":{"INTRODUCTION":[0],"Asset":[1],"market":[2,18,434,568],"values":[3],"react":[4,13],"to":[5,14,51,68,93,132,142,178,219,223,302,346,424],"economic":[6,172,413],"news":[7],"and":[8,11,46,171,191,225,241,252,273,334,337,342,380,387,460,465,489,503,514,566],"policy":[9,25,33,113,170,299,378,409,419,454,476,532,571,580],"changes,":[10],"consumers":[12],"changes":[15,30,196,203,295,375,381,410,425,431,562,581],"in":[16,31,38,125,165,197,204,231,248,275,306,311,328,376,382,426,432,558,563,582],"asset":[17,35,383],"values.":[19,435],"The":[20,159],"consumption-wealth":[21,123,150,544],"channel":[22,110,124,161,452,524,545,590],"of":[23,60,70,76,98,106,148,208,271,290,293,318,325,353,358,365,404,407,418,449,469,474,495,506,511,517,530,541,561,570,576,587,591],"monetary":[24,32,112,169,298,377,408,475,480,531,579,592],"spells":[26],"out":[27],"this":[28,257,278,347,396,521],"mechanism:":[29],"affect":[34,40],"values,":[36],"which":[37,256,369],"turn":[39,67],"consumer":[41,198,319],"spending":[42,199,320,330,427],"on":[43,62,168,281,331,349,411,483,500],"nondurable":[44,332],"goods":[45,333],"services.":[47],"This":[48,491],"paper":[49],"attempts":[50],"quantify":[52],"these":[53],"linked":[54],"effects.":[55,533],"After":[56],"sketching":[57],"the":[58,63,99,126,136,166,179,205,209,229,245,249,263,282,291,303,307,312,322,350,356,359,366,372,405,439,446,450,458,463,470,496,504,509,515,536,556,559,574,588],"evolution":[59],"research":[61],"wealth":[64,100,109,160,294,327,451,589],"channel,":[65],"we":[66],"evidence":[69,105,540],"its":[71,133],"size":[72],"from":[73,395,429,438],"a":[74,83,122,149,287,527,542],"number":[75],"large-scale":[77,127],"econometric":[78,363,538],"models.":[79],"We":[80,102],"then":[81],"estimate":[82],"small,":[84],"structural":[85,137],"vector":[86],"autoregression":[87],"(VAR)":[88],"under":[89],"some":[90,119,468],"identifying":[91],"assumptions":[92],"provide":[94,214],"our":[95],"preferred":[96],"estimates":[97,394],"channel.":[101,151],"find":[103],"that":[104,195,401,445],"an":[107,215,220,493],"important":[108],"for":[111,121,453],"is":[114,118,140,443],"scant.":[115],"However,":[116,534],"there":[117,548],"role":[120,324],"models--with":[128],"considerable":[129],"variation":[130],"as":[131,526],"size.":[134],"Finally,":[135],"VAR":[138],"framework":[139],"found":[141],"show":[143],"little":[144],"or":[145],"no":[146],"sign":[147,529],"EVOLUTION":[152],"OF":[153],"THOUGHT":[154],"ON":[155],"THE":[156],"WEALTH":[157],"EFFECT":[158],"has":[162,594],"deep":[163],"roots":[164],"literature":[167,181,280],"stabilization,":[173],"reaching":[174],"back":[175],"at":[176,265],"least":[177],"earliest":[180,313],"stimulated":[182],"by":[183,201,237,297],"Keynes'":[184],"General":[185],"Theory.":[186],"Early":[187],"on,":[188],"Gottfried":[189],"Haberler":[190],"A.C.":[192],"Pigou":[193],"noted":[194],"generated":[200],"countercyclical":[202],"real":[258],"value":[207],"money":[210],"stock":[211,433,567],"could":[212,261,421],"help":[213],"automatic":[216],"stabilizing":[217],"force":[218],"economy":[221,264],"subject":[222],"inflationary":[224],"deflationary":[226],"forces":[227],"(see":[228],"discussion":[230,586],"Gilbert":[232],"[1982]).":[233],"Subsequent":[234],"work,":[235],"notably":[236],"Modigliani":[238,272,338,343,390],"(1944,":[239],"1963)":[240],"Patinkin":[242],"(1965),":[243],"elucidated":[244],"conditions":[246],"needed":[247],"money,":[250],"goods,":[251],"labor":[253],"markets":[254,384],"through":[255,415,479],"balance":[259,284],"effect":[285],"stabilize":[262],"full":[266],"employment.":[267],"(1)":[268],"Other":[269],"work":[270,348],"collaborators,":[274],"particular,":[276],"expanded":[277],"theoretical":[279],"into":[286],"full-blown":[288],"analysis":[289,455],"impact":[292,406],"induced":[296],"(as":[300],"opposed":[301],"passive":[304],"change":[305],"balances":[309],"examined":[310],"literature).":[314],"Modigliani's":[315],"life-cycle":[316,351],"model":[317,352,364,397,539],"emphasized":[321],"critical":[323],"household":[326],"determining":[329],"services":[335],"(Brumberg":[336],"1954,":[339],"1980;":[340],"Ando":[341],"1963).":[344],"Parallel":[345],"consumption":[354],"was":[355,492],"development":[357,516],"Federal":[360],"Reserve":[361],"Board's":[362],"U.S.":[367],"economy,":[368],"specifically":[370],"traced":[371],"connection":[373],"between":[374],"instruments":[379],"(de":[385],"Leeuw":[386],"Gramlich":[388],"1969;":[389],"1971).":[391],"(2)":[392],"Point":[393],"(Modigliani":[398],"1971)":[399],"suggest":[400],"roughly":[402],"one-half":[403],"activity":[414],"time":[416],"periods":[417],"interest":[420],"be":[422,550],"attributed":[423],"arising":[428],"policy-induced":[430],"(3)":[436],"Aside":[437],"quantitative":[440],"evidence,":[441],"it":[442],"possible":[444],"qualitative":[447],"importance":[448],"grew":[456],"during":[457],"1970s":[459],"1980s.":[461],"In":[462,573],"1960s":[464],"early":[466],"1970s,":[467],"most":[471],"obvious":[472,551],"impacts":[473],"were":[477],"evident":[478],"policy's":[481],"effects":[482,552],"thrift":[484],"deposit":[485,501,512],"inflows,":[486],"mortgage":[487,519,522],"lending,":[488],"homebuilding.":[490],"artifact":[494],"Regulation":[497],"Q":[498],"ceilings":[499,513],"rates":[502,565],"illiquidity":[505],"mortgages.":[507],"With":[508],"removal":[510],"secondary":[518],"markets,":[520],"credit":[523],"faded":[525],"dramatic":[528],"if":[535],"traditional":[537],"strong":[543],"remained":[546],"intact,":[547],"would":[549],"(and":[553],"guideposts":[554],"along":[555],"way,":[557],"form":[560],"long-term":[564],"values)":[569],"changes.":[572],"absence":[575],"particularly":[577],"large":[578],"recent":[583],"years,":[584],"specific":[585],"transmission":[593],"diminished.":[595],"\u2026":[596]},"counts_by_year":[{"year":2019,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}
