作者:杨耀武(中国社会科学院经济研究所)
杨澄宇(北京师范大学经济与工商管理学院)
来源:《经济科学》,2019年第2期
摘 要: 本文通过构建世代交替模型,在个体优化决策基础上加总得到表示为总收入、房产财富及金融财富的社会总消费函数,在此基础上分析了房价涨幅、金融资产收益率、购房抵押贷款首付比例及反向抵押贷款等因素对居民财富边际消费倾向的影响,为国内外实证文献中财富边际消费倾向的跨国差异和时变性提供了具有微观基础的理论解释。利用我国2002—2016 年的宏观季度数据,本文发现理论模型结论与实证结果具有相合性。
关键词:房产财富 金融财富 居民消费
中图分类号:F015 F014.5 JEL:E21 D11 D12
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