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本文运用消费和其他不同资产之间长期平衡关系去估算房产及金融资产的变化对消费的影响。通过对资产研究表明:在长期中我国金融市场的财富效应微弱,其财富效应主要表现在短期中;并且在长期中房地产市场的财富效应远大于股票市场,房地产市场长期存在正财富效应,而在短期的财富效应则并不显著。因次房地产市场的发展对消费者居民长期消费影响很大,而且对投资的影响效应更大。
This paper uses the long-run equilibrium between consumption and other assets to estimate the impact of changes in real estate and financial assets on consumption. The research on assets shows that: in the long run, the wealth effect of China’s financial market is weak, and its wealth effect is mainly manifested in the short run; and in the long run, the wealth effect of the real estate market is much larger than that of the stock market and the real estate market has a positive wealth effect for a long time. The short-term wealth effect is not significant. Because of the development of the real estate market on consumer long-term consumption of great influence, but also greater impact on investment.