资产价格波动对消费影响的传导机制及实证研究

20世纪80年代以来,经济周期波动的一个显著特征是资产价格波动成为各国经济波动的主要动力源,资产价格的大幅波动对一国的实体经济乃至全球的宏观经济带来了巨大冲击。实证研究结果表明,中国股票价格波动对社会消费品零售总额增长与投资增长的影响不显著,而房地产价格波动对社会消费品零售总额增长与投资增长则影响比较显著。

A Study and Verification on Asset Price Dynamics and Its Influence on Consumption

Starting from 1980s,a remarkable characteristics of economic cycle dynamics is that the asset price dynamics has become a major force in the economic dynamics of various countries,and the asset price dynamics has brought a great impact on the subjective economy of a country and to the macro economics globally.The study has implicated that the stock market price dynamics does not have remarkable influence on the total volume of retail consuming and to the increasing investment of society,but the real estate ...