Business Cycle Fluctuations and Excess Sensitivity of Private Consumption
研究了经济周期波动是否影响私人消费增长对可支配收入增长的过度敏感性，发现衰退期间过度敏感性显著更高。
We investigate whether business cycle fluctuations affect the degree of excess sensitivity of private consumption growth to disposable income growth. Using multivariate state space methods and quarterly US data for the period 1965–2000, we find that excess sensitivity is significantly higher during recessions.