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英文文献：On the Effect of the Great Recession on US Household Expenditures for Entertainment-“大衰退”对美国家庭娱乐支出的影响
英文文献作者：Liping Gao,Hyeongwoo Kim,Yaoqi Zhang
英文文献摘要：
This paper empirically investigates potential effects of economic recessions on consumers’ decision-making process for leisure activities using the Consumer Expenditure Survey (CES) data during the Great Recession. Recognizing the presence of a high degree of censoring, we employ the Tobit model to assess the income effect on recreational activities in order to avoid bias in the least squares estimator for the latent coefficients. Income coefficient estimates are significantly positive in all years we consider, confirming that leisure is a normal good. However, we observe statistically significant decreases in the income coefficient during recession years in two out of three categories of leisure activities. That is, the responsiveness of consumption to income changes decreases during recession years, which implies a sluggish adjustment in leisure expenditures when economic distress is elevated.
本文利用大萧条时期消费者支出调查(CES)数据，实证研究了经济衰退对消费者休闲活动决策过程的潜在影响。认识到存在高度的审查，我们使用Tobit模型来评估收入对娱乐活动的影响，以避免潜在系数最小二乘估计的偏差。收入系数估计值在我们考虑的所有年份中都显著为正，这证实了休闲是一种正常的商品。然而，我们观察到，在经济衰退时期，三种休闲活动中有两种的收入系数在统计上显著下降。也就是说，在经济衰退时期，消费对收入变化的反应减弱，这意味着当经济困境加剧时，休闲支出的调整缓慢。
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