Which share (consumption or investment) varies the most over the business cycle? Compare and contrast the behavior of consumption and investment shares around the Global Financial Crisis (2007-2009) and COVD-19 Pandemic (2020-2021).

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FRED (Bil. of $/Bil. of $)*100 70.0 67.5 65.0 62.5 60.0 (Personal Consumption Expenditures/Gross Domestic Product)*100 (left) (Gross Private Domestic Investment/Gross Domestic Product)*100 (right) 57.5 1950 1960 1970 1980 1990 2000 Shaded areas indicate U.S. recessions. Source: U.S. Bureau of Economic Analysis 2000 22 20 M 18 16 14 12 2010 2020 2020 (Bil. of $/Bil. of $)*100 fred.stlouisfed.org :: FRED (Bil. of $/Bil. of $)*100 70.0 67.5 65.0 62.5 60.0 (Personal Consumption Expenditures/Gross Domestic Product)*100 (left) (Gross Private Domestic Investment/Gross Domestic Product)*100 (right) 57.5 1950 1960 1970 1980 1990 2000 Shaded areas indicate U.S. recessions. Source: U.S. Bureau of Economic Analysis 2000 22 20 M 18 16 14 12 2010 2020 2020 (Bil. of $/Bil. of $)*100 fred.stlouisfed.org ::