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从财富效应的稳定性视角出发,利用我国2001～2009年的月度数据,采取平滑转换回归方法就资产价格波动对消费的影响效应进行了研究。结果表明,随着收入水平的区制转换,我国资产价格与消费之间呈现V型的变化趋势。也就是说,当滞后一期的人均可支配收入处于低区制状态时,资产价格对消费的影响效应为负;当处于高区制状态时,资产价格对消费的影响效应为正。
From the perspective of the stability of the wealth effect, this paper uses the monthly data of China from 2001 to 2009 to study the effect of the fluctuation of asset prices on consumption by the method of smooth conversion regression. The result shows that with the change of income system, the V-shaped trend appears between asset prices and consumption in our country. In other words, when the per capita disposable income in the lagged period is in a state of low-level state, the effect of the asset price on consumption is negative; while in the high-zone state, the effect of the asset price on consumption is positive.