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该文运用面板协整和基于面板的误差修正模型,对我国29个省市可支配性收入与可支配性支出进行研究。实证结果表明:就长期而言,各个地区可支配性收入与可支配性支出之间存在长期均衡关系,但是存在地区差异性。动态面板数据误差修正模型表明:各地区的城镇居民实际可支配性支出短期波动性不仅取决于实际可支配性收入的变化和上一年可支配性支出的变化,还与可支配性支出的短期偏离均衡状态的程度有关。误差修正项具有反向修正机制,调整短期内可支配性收入与可支配性支出的均衡关系。
This paper uses panel cointegration and panel-based error correction model to study the disposable income and disposable expenditures in 29 provinces and cities in China. The empirical results show that in the long run, there is a long-term equilibrium relationship between disposable income and disposable expenditures in all regions, but there are regional differences. The error correction model of dynamic panel data shows that the short-term volatility of real disposable expenditures of urban residents in all regions depends not only on the change of real disposable income and the change of disposable expenditures in the previous year but also on the short-term Deviation from the equilibrium state of the degree. The error correction term has a reverse correction mechanism to adjust the equilibrium relationship between disposable income and disposable expenditures in the short run.