Consumption and Aggregate Constraints: International Evidence*
利用意大利、日本、西班牙、英国和西德的区域数据，发现区域层面消费对滞后收入过度敏感，但区域特有消费敏感性较低，且过度敏感性与开放度和信贷市场整合负相关，随时间下降，支持封闭经济约束导致总体数据过度敏感性的假说。
Abstract This paper documents that region‐level consumption exhibits excess sensitivity to lagged region‐level income in Italy, Japan, Spain, the UK and West Germany. However, region‐specific consumption exhibits substantially less sensitivity to lagged region‐specific income. Moreover, excess sensitivity is inversely related to standard measures of openness and credit market integration and for most countries, it has decreased over time. These findings are consistent with the results reported by Ostergaard et al. [ Journal of Political Economy (2002) Vol. 110, pp. 634–645] for US states and Canadian provinces, and provide empirical support for the hypothesis that closed‐economy constraints may partly be responsible for the excess sensitivity phenomenon in aggregate data.