7  A correlation between different indicators of equity valuations and consumption volatility for a set of eleven industrialised countries has been noted before. See, for example, Lettau, Ludvigson and Wachter (2008). But Figures 1 and 2 document that evidence of this type of correlation is more pervasive than studied in their paper.
“Okun Revisited: Who Benefits Most from a Strong Economy?” paper presented at the Brookings Papers on Economic Activity Conference, held at the Brookings Institution, Washington, March 7-8, https://www.brookings.edu/wpcontent/uploads/2019/03/Okun-Revisited-Who-Benefits-Most-From-a-StrongEconomy.pdf. Adam, Klaus, and Roberto M. Billi (2007). “Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates,” Journal of Monetary Economics, vol. 54 (April), pp. 728-52. Bank for International Settlements (2017). 87th Annual Report.