中国居民非理性消费行为:货币错觉亦或过度反应

Consumers' Irrational Behavior of Chinese:Money illusion or Over-reaction

通过对宏观经济学中两大著名消费函数,即Keynes消费函数与生命周期消费函数进行简单拓展,试图引入体现消费者非理性行为因素——货币错觉与过度反应的实证代理变量,重新构建基于居民非理性视角的Keynes消费函数与生命周期消费函数。应用该模型对中国城镇居民和农村居民分别进行实证研究,结果表明中国居民的消费行为存在非理性因素,且二者在非理性行为的具体表现方面并不相同,城镇居民表现为受到货币错觉困扰,而农村居民则表现出对物价波动的过度反应。最后,对这一宏观异象行为分别从二元经济结构、二元教育模式、二元保障体系以及二元金融框架等四个方面给予解释。

The paper attempts to rebuild the empirical proxy variance of irrational facts,money illusion and over- reaction,into Keynesian consumption function and Life- cycle consumption function,and rebuilds the newKeynesian consumption model and Life- cycle consumption model,which are based on the hypothesis of resident＇s irrational behavior. Then,the newmodel are used to empirically test China＇s urban residents from 1978 to 2015 and rural residents from 1985 to 2015,and the results showthat consumers＇ irrational behavior＇ may be true. The reasons of irrational consumption are different. Urban residents may be for money illusion,but rural residents may showover- reaction. Finally,the differences of dual- irritation are explained from 4 fields： ＂Dual- economic Structure＂,＂Dual- education Model＂,＂Dual- security System ＂and ＂Dual- financial Framework＂.