Households' consumption served to narrow the range of fluctuations in GDP before the Asian Financial Crisis, but after the crisis, it exhibited wider changes than GDP and acted to enlarge the scale of fluctuations in activity. 
  In this paper, taking into account the possibility that changes in households' consumption may be related with the phases of the business cycle, an analysis is conducted of how household consumption responds to the upturns and downturns in business activity, the degree to which its response has changed since the financial crisis and the reasons for such change...



※ Please refer to the attached file.