The role of consumer sentiment in the transmission of monetary policy to consumer expenditure
研究发现短期消费者情绪变化会放大紧缩性货币政策对消费支出的负面影响，可能使消费支出下降幅度翻倍，而长期情绪作用很小。
Abstract This paper shows that changes in consumer sentiment play a quantitatively important role in the transmission of monetary policy on economic activity. Specifically, the paper's empirical estimates indicate that changes in short‐term consumer sentiment may very well double the negative responses of consumer expenditure to contractionary monetary policy shocks. In contrast, long‐term consumer sentiment plays only a minimal role in the propagation of monetary policy shocks into consumer expenditure.