金融资产财富效应的形成机理研究

本文借助消费函数理论、行为金融理论分析了金融资产财富效应的形成机理,并将金融资产财富效应的传导机制归纳为实际收入效应、预期收入效应、流动性约束效应、信心效应、托宾q效应、替代效应等六种效应。除替代效应是负的财富效应外,其它效应均为正的财富效应,而金融资产财富效应的差异性既是上述各效应综合作用的结果,也是不同国家在不同时期影响金融资产变动的因素存在差异的结果。     

Finance and consumption volatility: Evidence from India

The main objective of this paper is to explore the determinants of private consumption growth volatility in India, focusing on the role of financial sector policies. Using data for India over the period 1950-2005, the results show that the implementation of financial repressionist policies is strongly associated with lower consumption volatility. The results remain robust after controlling for a wide range of macroeconomic shocks and variables. The presence of a threshold effect implies that the benefits of financial reforms in reducing consumption volatility can only be reaped when the financial system becomes sufficiently liberalized. The results also indicate that the presence of a more open financial system may serve to dampen fluctuations in private consumption.     

Aid econometrics: Lessons from a stochastic growth model

This paper evaluates the standard empirical methods employed in the study of foreign aid, when the data generating process is a calibrated stochastic growth model in which aid recipients make optimal investment and consumption decisions. When recipients receive a stochastic flow of aid and wish to smooth consumption, standard methods fail to distinguish between the response to transient and permanent aid shocks, and hence yield misleading results concerning the object of interest to policy makers: the long-run impact of aid.     

农村社会保障支出对农村居民消费的影响的实证研究

从社会保障对居民消费影响机制的微观基础出发,运用协整分析并建立向量误差修正模型对我国农村社会保障支出的消费效应进行了实证研究.结果表明,我国农村社会保障支出没有对农村居民消费支出产生促进作用.因此,应加快农村社会保障制度的改革,促进农村居民消费,拉动内需.     

河南农村受众广告接触行为对其消费观念的影响分析

本文以豫南C乡的农村受众为研究对象展开问卷调查，主要考察了农村受众广告接触频度、接触时间、种类偏好及广告媒介信任度对其消费观念的影响。研究发现，农村受众的广告媒介接触行为影响其消费观念，但具体到广告媒介接触的指标不同则影响不同，其中农村受众广告媒介接触时间压种类偏好显著影响其消费观念。     

Romancing the alpaca: Passionate consumption, collection, and companionship

With their inquisitive nature, apparent intelligence, and aesthetic appeal, alpacas draw humans to them. This article spotlights alpaca breeders in an exploration of collecting as passionate consumption [BelkRussell, W. Collecting in a Consumer Society. London: Routledge, 1995.] and consumers' relationships with their animal companions [Hirschman Elizabeth. Consumers and their animal companions. Journal of Consumer Research 1994; 20 (March): 616-32.; Holbrook MB. Stephens DL. Day E. Holbrook SM. Strazar G. A collective stereographic photo essay on key aspects of animal companionship: The truth about dogs and cats. Academy of Marketing Science Review 2001; (1) 1-16.]. Multiple data sources provide stories of alpaca ownership. These sources comprise books, newspaper clips, and magazine articles about alpacas, as well as the author's own experiences as an alpaca breeder over the past 10 years. Building from Belk's work on collection, this article both introduces the idea of dynamic-and-transforming collections and illustrates how passionate consumption can lead to rejuvenation and re-enchantment with life. By concentrating on consumption experiences, this work adds to the growing body of consumer research that moves beyond a narrow focus on purchase behavior.     

How sensitive are consumer expenditures to retail energy prices?

There is growing evidence that the primary effect of energy price shocks on the U.S. economy involves a reduction in consumer spending. We quantify the direct effect on real consumption of unanticipated changes in discretionary income, shifts in precautionary savings, and changes in the operating cost of energy-using durables. The possibility of asymmetries in the response of real consumption to energy price shocks is also considered. We demonstrate that linear models are consistent with the symmetric behavior of real consumption in 1979 (when energy prices increased sharply) and in 1986 (when they fell sharply). It is shown that historically energy price shocks have been an important factor in explaining U.S. real consumption growth, but by no means the dominant factor.     

关于农村消费的现状及政策建议

文章对我国农村消费变化现状和趋势进行了深层次研究和分析，做出了新的概括和判断。从诸多方面研究了农村的消费能力、消费条件、消费环境、消费信心和消费习俗，深入分析了农村居民的消费水平、消费结构和消费行为，指出了制约农村扩大消费的七个因素。在此基础上，提出了扩大农村消费的总体思路和政策建议。     

Naturally designed for masculinity vs. femininity? Prenatal testosterone predicts male consumers' choices of gender-imaged products

In this paper, we find that a proxy of prenatal testosterone exposure (i.e., digit ratio) is a significant predictor of preferences for products that differ in perceived masculinity vs. femininity. A more masculine (feminine) digit ratio predicts choice of products that have an increasingly masculine (feminine) image. This relationship is statistically significant for male consumers, but not for females.