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在传统研究财富效应的文献中,分析路径多为当期资产价值变动对下一期消费的影响,或对当期消费的影响。而在消费粘性的视角下,消费对外在冲击的调整不会瞬时完成,消费行为存在跨期依赖,资产价值的变动不只对下一期消费带来直接的财富效应,还会波及到后面多期,即冲击是粘性的,财富效应也是可以多期累积的。而累积财富效应的度量则需要计算出消费粘性及直接财富效应的大小。本文采用2000-2012年全国28个省份城镇居民的季度面板数据,估计得出消费粘性系数为0.6左右,总资产与房产的直接财富效应估计结果虽显著,但数值很小,经过多期累积的财富效应分别为0.0014与0.0013。金融资产的直接财富效应较大,但该估计值不显著。资产价值变动对于消费的影响甚微。
In the traditional literature on the wealth effect, the analysis path mostly refers to the influence of current asset value changes on the next consumption or the current consumption. In the perspective of consumer stickiness, the adjustment of consumption to external shocks will not be completed instantaneously, and the consumption behavior will be interdependent for a long time. The change of asset value will not only bring immediate wealth effect on consumption in the next period, but also affect the later multi-period , That is, the impact is sticky, the wealth effect can also be accumulated over time. The cumulative wealth effect measures the need to calculate the consumer stickiness and direct wealth effect size. This paper uses quarter panel data of urban residents from 28 provinces in China from 2000 to 2012 and estimates that the coefficient of consumer viscous coefficient is about 0.6. Although the estimation result of direct wealth effect between total assets and real estate is significant, the value is small. After multi-period cumulative Wealth effects were 0.0014 and 0.0013 respectively. The direct wealth effect of financial assets is larger, but the estimate is not significant. The impact of changes in asset value on consumption is minimal.