近代消費相關研究，恆常所得假說(Permanent Income Hypothesis, PIH)一直為最主要的理論基礎。然而自Flavin(1981)以降之實證均顯示消費對所得有過度敏感性的現象。此過度敏感性，有一說法認為係肇因於流動性限制致使消費者借貸行為受到拘束(binding)。在此一假設下，詹維玲與胡勝正(1996)以及郭炳伸與鍾景婷(2002)分別自金融自由化以及經濟景氣的角度，探討台灣所得的過度敏感性現象。實證結果顯示，金融自由化後所得的過度敏感性較之前來得微弱；此外經濟景氣對所得過度敏感性現象則有不對稱的影響：經濟景氣活絡時，不存在有過度敏感性的現象，但在經濟景氣衰退時，所得過度敏感性相當顯著。本文進一步利用變動參數模型(time-varying parameter model)以及門檻模型(threshold model)分析探討在金融自由化前後，經濟景氣對所得的過度敏感性現象之影響。利用1971Q1~2000Q2的數據之實證研究發現，在金融自由化之前，經濟景氣對所得的過度敏感性存在有明顯地不對稱效果；在金融自由化之後，雖然無法論定此一不對稱性效果是否依舊存在，然而可以肯定的是，在經濟景氣疲弱時之過度敏感性現象較金融自由化之前來得微弱。然若將數據持續期間延至2004Q4，則在金融自由化後，不對稱性效果又復出現，且其效果無異於金融自由化之前甚或是更為嚴重，顯示2000年末期以來的科技網路泡沫化對經濟景氣造成嚴重之影響，致使流動性限制回升至金融自由化之前的程度。

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