In his 1973 article "Interest Rate and Consumption: A Comment," S. C. Tsiang argues against Birdsall and Goldstein assertion that "the net effect of interest rate changes on consumption and savings appear extremely indeterminate and uncertain."
One of the footnotes states "Even such an avowecd Keynesian as Warren L. Smith hias now admitted that the interest-induced wealth effect constitutes an important effect of monetary policy."
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