Brady, Ryan R.; Stimel, Derek; Sumner, Steven - In: Review of Economics & Finance 4 (2014) November, pp. 1-17
This paper tests for the direct wealth effect versus an indirect wealth effect in aggregate data on U.S. households over four distinct sub-periods from 1952 through 2011. We use recent time series techniques to distinguish between the direct wealth effect from indirect channels which may operate...
