摘要
本文首先以持久收入假说(Permanent Income,PI)和生命周期理论(Life Cycle,LC)相结合的分析框架为基本出发点,通过适当扩展,从理论上确定了消费函数的形式,并采用2000年至2006年我国各地区不同收入人群的人民生活水平、房地产价格以及相关的利率数据,选择固定效应的面板数据模型,从不同角度对我国房地产市场的财富效应进行了检验,并分析了收入差距、利率政策对居民消费行为的影响。实证分析结果表明,收入仍然是决定消费的最主要因素;对各收入阶层来讲,房地产市场价格的不断攀升并未对消费行为产生任何促进作用。另外,不断紧缩的长期贷款利率政策严重制约了中等收入人群的生活质量。
This paper determines the consumption function form based on permanent income hypothesis and life cycle theory at first, and makes use of regions＇ people life data of different income households, house price and interest rate data of China from 2000 to 2006, choosing the fixed effect model of panel data to examine China＇ s house wealth effect, and study the effect of income disparity and interest rate policy on consumption. The empirical result shows that income is still the decisive factor to consumption. For every income households, the increasing house price does not promote consumption. Furthermore, the retrenched long -term loan interest rate policy restricts the living quality of the middle income households seriously.
出处
《中国软科学》
CSSCI
北大核心
2008年第10期148-154,160,共8页
China Soft Science
基金
国家自然科学基金项目(70572030)
教育部人文社会科学重点研究基地2006年度重大研究项目(06JJD790014)
关键词
收入差距
利率政策
房地产价格
财富效应
income disparity
interest rate policy
house price
wealth effect
