MacDonald, Garry; Mullineux, Andy; Sensarma, Rudra - In: Applied Economics 43 (2011) 16, pp. 1991-2001
This article examines the role of the consumption-wealth channel in explaining asymmetric effects of monetary policy changes. Towards this end, we draw upon available literature on the consumption function and behavioural finance to construct a framework for asymmetric effects of monetary policy...