Seeking a way to examine the sensitivity of one variable with respect to another (both a time series)

[John Zhao]

Hi, this maybe a very rookie question, but many thanks for any help.
I have a data like this

State Year Cyclical Loan
AL 1996 -0.1 20000
AL 1997 -0.2 30000
AK 1996 -0.16 22733
AK 1997 0.13 33333
IL 1996 0.05 23342
IL 1997 -0.01 12330
.....

Of course, this is just an example and the actual data has many years.
My goal is to examine the sensitivity of Loan to Cyclical for each state, but the problem is,
I don't actually know what the sensitivity here typically referring to, I talked with my classmates they just think
it means how much Loan changes with 1 unit change of Cyclical, but other than that, no one seems to have a very good
model or specific method to analyze this, please enlighten me what is the "right" way to examine the sensitivity for this data?