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本文利用2000年到2005年的人均季度数据,使用工具变量法证明了我国城镇和农村居民的消费行为受收入和不确定性的影响,利率的变动不影响消费。不确定性主要来源于收入波动.城镇收入水平的波动大于农村收入的波动导致了城镇居民敏感系数高于农村居民的敏感系数。
In this paper, we use the per capita quarterly data from 2000 to 2005 to prove that the consumption behavior of urban and rural residents in China is affected by income and uncertainty and the change of interest rate does not affect the consumption. Uncertainty comes mainly from the fluctuation of income, and the fluctuation of urban income level is greater than that of rural income, which leads to the sensitivity coefficient of urban residents being higher than that of rural residents.