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以货币政策传导机制中的消费财富效应原理入手,从经济理论角度分析了消费财富效应所依赖的各个因素以及其传导所经历的各个环节。根据整理的相关数据分析了我国的实际情况,判断消费财富效应在我国效应的大小,最后根据协整和VECM模型对中国的消费财富效应进行了一个实证分析。通过实证分析发现,中国的消费财富效应是存在的,但由于金融市场不够发达,人们持有的金融资产有限,而且农村人口对于金融市场的参与程度过低,所以我国的消费财富效用虽然存在但却不是特别明显。还分析了其中的可能原因,并且提出了相关的政策建议。
Starting with the principle of consumer wealth in the transmission mechanism of monetary policy, the various factors on which the consumption wealth effect depends and the various links it has undergone are analyzed from the perspective of economic theory. According to the collation data, we analyze the actual situation in our country, judge the effect of consumption wealth effect in our country, and finally make an empirical analysis of China’s consumption wealth effect according to cointegration and VECM model. Empirical analysis shows that China’s consumption wealth effect exists. However, due to the underdeveloped financial markets, limited financial assets held by the people, and the low participation of the rural population in financial markets, the consumption wealth effect in our country exists It is not particularly obvious. Also analyzed the possible causes, and put forward the relevant policy recommendations.