房地产价格波动：投资效应、 财富效应与通货膨胀效应

为了探究我国房价波动的宏观经济效应，基于2005年7月至2016年11月70个大中城市的月度数据，从投资效应、财富效应和通货膨胀效应3个维度构建ARDL模型，以研究我国房价波动对经济增长、国民消费和物价水平的影响。结果发现，短期来看，房价会通过财富效应侵蚀当期消费；经市场充分消化后，长期来看，房价会带来消费回升；房价波动与社会总投资规模之间没有长期稳定的关系。鉴于此，从强实抑虚、规范房地产业发展、促进经济持续增长等角度提出相关建议。

Tourism Destination Supply Based on Structural Reform of Supply-Side

Supply-side structural reform provides a good opportunity for the transformation and upgrading of China''s tourism destination supply. Tourism destination supply can be classified according to the content of supply and the supply subject. Statistics show that China''s total tourism supply has reached an unprecedented scale. But there are still problems of destination supply. The destination supply is influenced by the policy. The paper reviews and summarizes the existing destination supply policies and analyzes the policy factors which restrict the supply of tourism destination: contradictions in the protection and development of tourism resources, the relevant policies lagging behind the level of market development, the shortage of comprehensive management policies and the shortage of implementation of security policies. Then it puts forward some policy suggestions: integrating resource protection and tourism development, advocating individuation tourism supply, strengthening comprehensive management of destination, ensuring public supply and improving market supply.