房地产价格与消费的关系研究——基于财富效应的再检验

以房地产财富效应为分析依据,通过构建模型,分别以我国1991—2007年的年度数据和31个省(市、区)2000—2007年面板数据对我国房地产价格波动与消费关系进行实证检验,分析结果表明中国房地产价格对消费支出是负向抑制影响,而财富效应尚未显现,应不断完善和规范房地产市场,最大限度地降低房地产市场信息不对称程度。

This paper analyzes real estate based on the wealth effect, by constructing models to China＇s 1991--2007 annual data and 31 provinces （cities, districts）2000--2007 panel data on China＇s real estate price fluctuations and consumer relations empirical testing. The results of the analysis conclues that the Chi- nese real estate prices on consumer spending curb a negative impact, while the wealth effect has not yet appeared. And it makes relevant policy recommendations.