经济波动, 消费过度敏感性, 预防性储蓄动机

This paper investigates the impact of economic fluctuations on the degree of excess sensitivity of Chinese private consumption and the underlying mechanisms. The results show that economic contraction increases the degree of excess sensitivity of consumption, while economic expansion reduces the degree of excess sensitivity of consumption, and the consumption is more sensitive to economic contraction. Further analysis shows that economic fluctuations have a significant influence on excess sensitivity of consumption through precautionary saving motives. The results not only help to understand the determinants of excess sensitivity of consumption, but also have important policy implications to stimulate Chinese consumption and expand domestic demand. The policymakers should be aware of the counter-cyclical characteristic of excess sensitivity of consumption and pay enough attention to the accumulation of uncertainty during economic contraction.

Economic Fluctuations, Excess Sensitivity of Consumption, Precautionary Saving Motive