去年由于人们都将钱存起来而使得消费比收入下降的更快。
Spending dropped faster than incomes last year as householders hoarded cash.
消费将会恢复，但是不再会像危机之前的二十多年里一直以来的情况一样，比收入增速更快。确实，消费应当放缓了。
Consumption will recover, but it will no longer grow faster than income, as it did persistently for the two decades before the crisis; indeed, it should grow more slowly.
从本质上讲，预防性储蓄理论说的是，更多的不确定性会降低平均消费倾向(APC)，即比消费与收入的比率。
Essentially, what the precautionary-saving literature says is that more uncertainty reduces the average propensity to consume (APC), the ratio of consumption to income.
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