住房支出、住房价格、财富效应与居民消费增长——兼论货币政策对资产价格波动的关注

理论上看,从住房支出和财富效应的综合角度加强对居民消费的分析是必要的。本文构造一个包括住房支出、资产及其财富效应、可支配收入和利率的消费函数。实证分析表明,住房支出等占居民消费性支出的比重较大,住房支出的比例与居民消费的增长呈现反方向变动关系,资产呈现较弱的负财富效应。一个重要的涵义是,要通过居民消费的增长来实现经济增长方式的转型,必须有效遏制住房价格的过快上涨,并维持房地产市场的平稳发展。为此,应该使用财政货币政策等多种手段,促进房地产市场的稳定运行。

Housing Expenditure, Housing Prices and Wealth Effect and Improvement of Consumption: Analysis of Monetary Policy on Asset Price Fluctuations

It's necessary that we should study consumption improvement including housing expenditure and wealth effect theoretically.This paper makes a consumption function,which includes many variables such as housing expenditure and residents' assets and disposable personal income and rate.The empirical analysis shows that the ratio of housing expenditure to consumption is a little large,and this kind of ratio has a negative effect on the improvement of consumption.This analysis highlights that we should refrain fro...