As shown in the table, time spent studying is counter-cyclical. Depending on the model specification. the elasticity of time spent studying with respect to output is between - 0.20 and - 2.5. The baseline model in Section 2 predicts an elasticity of -0.27. This elasticity is higher for young agents: it is -1.81 for young low types and -0.42 for young high types. Thus. the model is able to correctly predict the sign of the elasticity. but it tends to underestimate the magnitude. This result could depend on the fact that ATUS covers a short period of time and this period is known to be highly volatile because of the recent recession