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本文将住房负债引入到家庭消费模型,采用中国家庭微观调查数据,以中国城镇家庭为对象,研究了住房负债对家庭异质性消费问题。研究发现:(1)住房负债增加会削弱风险厌恶家庭的消费水平,但是会刺激风险偏好家庭的消费水平;(2)风险偏好家庭的住房负债增强了住房财富效应,而风险厌恶家庭的住房负债减弱了住房财富效应(3)精神消费对住房财富、家庭负债的敏感度大于物质消费,物质消费表现出必需品特征,精神消费表现出奢侈品特征。
In this paper, housing debt is introduced into household consumption model. Using Chinese household micro-survey data, this paper studies the problem of housing indebtedness to household heterogeneity in China. The results show that: (1) The increase of housing indebtedness will weaken the consumption level of risk-averse families, but will stimulate the consumption level of risk-appearing families; (2) The housing liabilities of risk-appearing families enhance the housing wealth effect, while the risk-averse family’s housing liabilities Weakened the housing wealth effect. (3) Psychological consumption is more sensitive to housing wealth and household debt than material consumption. Physical consumption shows the characteristics of necessities, and spiritual consumption shows the characteristics of luxury.