The low sensitivity of both federal expenditure and federal revenues to local business-cycle conditions explains why only a small fraction (estimated at about 10-15 %) of any shock to the GDP of any individual state is absorbed via automatic transfers to and from the US federal budget.
联邦支出和联邦收入对于地方商业周期都不敏感，这解释了为什么在冲击所造成的个别州GDP损失中，只有一小部分（据估计只有10—15%）可以通过自动转移支付（向美国联邦预算贡献或从联邦预算中得到）吸收。