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本文将异质性消费理论引入经典RCK模型,探讨了在我国家庭财富快速增长的背景以及现阶段特定的金融环境下,居民消费异质性产生的机理及其对经济增长路径的影响,并对我国居民消费异质性的程度进行了估计。研究发现,由于我国产业升级滞后以及金融垄断势力的存在,居民所面临的二元资产供给结构导致了家庭消费支出及消费率“双降”局面的出现。基于微观数据的估计发现,我国约有33.57%的居民为不同于传统消费理论中同质性消费者的“非李嘉图式”消费者,该类消费者的存在也会显著影响政府内需调控政策的效果。而通过削弱金融垄断,降低资产交易成本,大力发展普惠金融,能够有效释放居民消费潜力,实现“投资一消费”的良性扩张。
This paper introduces the heterogeneous consumption theory into classical RCK model and explores the mechanism of the heterogeneity of resident consumption and its impact on the economic growth path under the background of the rapid growth of household wealth in our country and the specific financial environment at this stage. The degree of heterogeneity of residents’ consumption in our country has been estimated. The study found that due to the lag of industrial upgrading in China and the existence of financial monopoly power, the dual asset-supply structure that residents are facing has led to the emergence of household consumption expenditure and consumption rate. Based on the micro-data estimates, it is found that about 33.57% of residents in our country are non-Ricardian consumers different from the homogeneous consumers in the traditional consumption theory. The existence of such consumers will also significantly affect the government regulation of domestic demand The effect of policy. By weakening the financial monopoly, reducing asset transaction costs and vigorously developing inclusive finance, it can effectively release the potential for consumer spending and achieve a healthy expansion of “investment and consumption.”