住房财富增长和家庭消费不均:来自中国的证据
Yingying Qi1, Guohua Yu2, Xiang Liu3
1College of Economics, Sichuan University, Chengdu, China.
PloS one
|October 5, 2023
概括
住房价格冲击对家庭消费产生重大影响,特别是对信用限制较宽松的借款人. 拥有多个房屋的富裕家庭从住房升值中受益最多,每1%的财富增长,消费量增加0.10-0.14%.
科学领域:
- 经济学 经济学 经济学
- 宏观经济学 宏观经济学
- 家庭金融 家庭金融
背景情况:
- 了解住房价格冲击的传播道对于宏观经济稳定至关重要.
- 家庭消费是经济增长的关键驱动力,受财富效应和金融状况的影响.
研究的目的:
- 调查住房价格冲击对异质家庭消费的影响.
- 分析信贷约束在调解住房财富增值和消费之间的关系中的作用.
主要方法:
- 开发一个动态随机总平衡 (DSGE) 模型,使用异质的家庭和信贷约束.
- 使用2011年至2019年的中国家庭财务调查 (CHFS) 数据进行实证分析.
- 在不同的信贷条件下估计住房财富增值的边际消费倾向 (MPC).
主要成果:
- 金融加速器机制扩大了住房价格冲击对消费的影响,特别是在放宽信贷约束的债务家庭.
- 住房财富增长对消费产生异质影响,多个房主和那些更容易获得信贷的人更受益.
- 住房财富增长1%导致家庭消费增长0.10-0.14%.
结论:
- 信用限制是住房财富与消费联系的关键因素.
- 针对信贷市场的政策干预可以影响住房价格冲击对总消费的传播.
- 这些发现强调了在宏观经济建模和政策设计中考虑家庭异质性的重要性.
相关概念视频
The Anchoring-and-Adjustment Heuristic
7.3K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.3K
Cognitive Dissonance
32.6K
Social psychologists have documented that feeling good about ourselves and maintaining positive self-esteem is a powerful motivator of human behavior (Tavris & Aronson, 2008). In the United States, members of the predominant culture typically think very highly of themselves and view themselves as good people who are above average on many desirable traits (Ehrlinger, Gilovich, & Ross, 2005). Often, our behavior, attitudes, and beliefs are affected when we experience a threat to our...
32.6K
Cross-Sectional Research
11.4K
In cross-sectional research, a researcher compares multiple segments of the population at the same time. If they were interested in people's dietary habits, the researcher might directly compare different groups of people by age. Instead of following a group of people for 20 years to see how their dietary habits changed from decade to decade, the researcher would study a group of 20-year-old individuals and compare them to a group of 30-year-old individuals and a group of 40-year-old...
11.4K
Test for Homogeneity
2.0K
The goodness–of–fit test can be used to decide whether a population fits a given distribution, but it will not suffice to decide whether two populations follow the same unknown distribution. A different test, called the test for homogeneity, can be used to conclude whether two populations have the same distribution. To calculate the test statistic for a test for homogeneity, follow the same procedure as with the test of independence. The hypotheses for the test for homogeneity can...
2.0K
Social Exchange Theory
34.6K
We have discussed why we form relationships, what attracts us to others, and different types of love. But what determines whether we are satisfied with and stay in a relationship? One theory that provides an explanation is social exchange theory. According to social exchange theory, we act as naïve economists in keeping a tally of the ratio of costs and benefits of forming and maintaining a relationship with others (Rusbult & Van Lange, 2003).
34.6K
Analysis of Population Pharmacokinetic Data
273
Analysis of population pharmacokinetic data involves studying the behavior of drugs within diverse populations to understand their pharmacokinetic parameters. Traditional pharmacokinetic methods typically involve collecting samples from a few individuals and estimating these parameters. While these methods are commonly used, they have limitations in capturing the variability in drug response among individuals or heterogeneous populations. Population pharmacokinetics is employed to address these...
273


