Unbalanced price changes across regions cause consumption inequalities within a large country.With consumer demand system model,this paper estimated the dynamic changes of the true-cost-of-living index(TCLI)and consum...Unbalanced price changes across regions cause consumption inequalities within a large country.With consumer demand system model,this paper estimated the dynamic changes of the true-cost-of-living index(TCLI)and consumption inequalities in China.Results indicate urban households experienced a rising TCLI from 2002 to 2014,among which,Liaoning increased the most and Guangdong the least.Beijing’s TCLI was the highest and Sichuan the lowest over the same period.Since 2008,the unbalanced rise of consumer price has gradually diminished,and gaps between real and nominal consumption inequalities have narrowed.However,real consumption inequalities continue to rise,and low-income groups are affected the most by inflation.展开更多
China＇s first interest rate hike during the last decade, aiming to cool down the seemingly overheated real estate market, had aroused more caution on housing market. This paper aims to analyze the housing price dynam...China＇s first interest rate hike during the last decade, aiming to cool down the seemingly overheated real estate market, had aroused more caution on housing market. This paper aims to analyze the housing price dynamics after an unanticipated economic shock, which was believed to have similar properties with the backward-looking expecta- tion models. The analysis of the housing price dynamics is based on the cobweb model with a simple user cost affected demand and a stock-flow supply assumption. Several nth- order delay rational difference equations are set up to illustrate the properties of housing dynamics phenomena, such as the equilibrium or oscillations, overshoot or undershoot and convergent or divergent, for a kind of heterogeneous backward-looking expectation models. The results show that demand elasticity is less than supply elasticity is not a necessary condition for the occurrence of oscillation. The housing price dynamics will vary substantially with the heterogeneous backward-looking expectation assumption and some other endogenous factors.展开更多
文摘Unbalanced price changes across regions cause consumption inequalities within a large country.With consumer demand system model,this paper estimated the dynamic changes of the true-cost-of-living index(TCLI)and consumption inequalities in China.Results indicate urban households experienced a rising TCLI from 2002 to 2014,among which,Liaoning increased the most and Guangdong the least.Beijing’s TCLI was the highest and Sichuan the lowest over the same period.Since 2008,the unbalanced rise of consumer price has gradually diminished,and gaps between real and nominal consumption inequalities have narrowed.However,real consumption inequalities continue to rise,and low-income groups are affected the most by inflation.
文摘China＇s first interest rate hike during the last decade, aiming to cool down the seemingly overheated real estate market, had aroused more caution on housing market. This paper aims to analyze the housing price dynamics after an unanticipated economic shock, which was believed to have similar properties with the backward-looking expecta- tion models. The analysis of the housing price dynamics is based on the cobweb model with a simple user cost affected demand and a stock-flow supply assumption. Several nth- order delay rational difference equations are set up to illustrate the properties of housing dynamics phenomena, such as the equilibrium or oscillations, overshoot or undershoot and convergent or divergent, for a kind of heterogeneous backward-looking expectation models. The results show that demand elasticity is less than supply elasticity is not a necessary condition for the occurrence of oscillation. The housing price dynamics will vary substantially with the heterogeneous backward-looking expectation assumption and some other endogenous factors.
