Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption
重新评估了资产价值变化对消费的影响，区分了趋势与周期成分，发现财富效应在长期和短期中表现不同，对宏观经济学家和政策制定者有参考价值。
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