摘要
居民的消费投资行为是货币政策效应的重要微观基础。本文采用动态优化模拟方法对居民个人生命周期的消费投资行为进行动态优化模拟,分析了居民个人生命周期消费投资行为的基本特征以及居民时间偏好和风险厌恶、劳动收入风险和股票投资风险、货币供应量和利率调整对其消费投资行为的影响。
Residents＇ consumption and investment behavior is an important micro basis of monetary policies＇ effect. In this article, we adopted a dynamic optimization method to simulate the consumption and investment behavior of individual resident during his or her life - cycle. Through such a simulation, basic characteristics of resident＇ s consumption and investment behavior were analyzed. In addition, the impacts from rcsident＇ s time pnreferonce; risk aversion, labor income risk, stock investment risk, money supply and adjustment of interest on rcsident＇s behavior were also disclosed.
出处
《金融研究》
CSSCI
北大核心
2006年第2期21-35,共15页
Journal of Financial Research
基金
国家自然科学基金项目<货币政策效应的微观基础--居民消费投资行为动态优化模拟研究>的研究成果之一。项目批准号:70573021。
关键词
居民生命周期
消费-投资决策
动态优化模拟
resident＇ s life- cycle
consumption ＆ investment decision making
dynamc optimization simulation
