Contrasting with the existing empirical results that almost universally reject the LCH/PIH, we find that the validity of the LCH/PIH depends crucially on different phases of the business cycle.

 
  • 相较于国内过去的实证结果普遍拒绝生命循环/恒常所得假说,本文结果显示,生命循环/恒常所得假说是否得到支持,受景气循环的影响;
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