本文根据生命周期假说和永久性收入假说,利用2009年中国健康与营养调查问卷(China Health and Nutrition Survey,CHNS)的微观数据,采用ordered probit计量模型,从实证的角度重点考察永久性收入和房产财富如何影响居民的主观幸福感。研...本文根据生命周期假说和永久性收入假说,利用2009年中国健康与营养调查问卷(China Health and Nutrition Survey,CHNS)的微观数据,采用ordered probit计量模型,从实证的角度重点考察永久性收入和房产财富如何影响居民的主观幸福感。研究发现,与当期收入相比,永久性收入和房产财富是居民主观幸福感更为重要的影响因素,存在显著的正向影响。永久性收入和房产财富的相对值对主观幸福感的影响要大于这二者的绝对值。总体来说,永久性收入财富的幸福效应强于房产财富,但是这一结果存在城乡、性别及地区差异。这些经验发现可以为政府逐步改善人民生活水平、提升生活幸福感提供了可靠的政策依据。展开更多
The paper investigates the relationship between changes in asset wealth and the trend movements of household consumption in urban China. Using the vector error correction cointegration model we demonstrate that there ...The paper investigates the relationship between changes in asset wealth and the trend movements of household consumption in urban China. Using the vector error correction cointegration model we demonstrate that there is a unique long-run cointegrating relationship between household consumption, disposable income, financial wealth and housing wealth in urban China. We find that housing wealth is the only factor that restores the long-run equilibrium relationship when the cointegrated system is disturbed by an external shock. In addition, our permanent-transitory variance decomposition analysis indicates that nearly all variance in the movement of consumption is permanent, supporting the classical random walk hypothesis of consumption behavior. However, a large proportion of variance in the short-run movements of housing wealth is found to be transitory.展开更多
文摘本文根据生命周期假说和永久性收入假说,利用2009年中国健康与营养调查问卷(China Health and Nutrition Survey,CHNS)的微观数据,采用ordered probit计量模型,从实证的角度重点考察永久性收入和房产财富如何影响居民的主观幸福感。研究发现,与当期收入相比,永久性收入和房产财富是居民主观幸福感更为重要的影响因素,存在显著的正向影响。永久性收入和房产财富的相对值对主观幸福感的影响要大于这二者的绝对值。总体来说,永久性收入财富的幸福效应强于房产财富,但是这一结果存在城乡、性别及地区差异。这些经验发现可以为政府逐步改善人民生活水平、提升生活幸福感提供了可靠的政策依据。
基金financial supported from the China National Social Science Foundation(07CJL006)the Shanghai Pujiang Project 2007the Fudan University 211 Project(211XK06)
文摘The paper investigates the relationship between changes in asset wealth and the trend movements of household consumption in urban China. Using the vector error correction cointegration model we demonstrate that there is a unique long-run cointegrating relationship between household consumption, disposable income, financial wealth and housing wealth in urban China. We find that housing wealth is the only factor that restores the long-run equilibrium relationship when the cointegrated system is disturbed by an external shock. In addition, our permanent-transitory variance decomposition analysis indicates that nearly all variance in the movement of consumption is permanent, supporting the classical random walk hypothesis of consumption behavior. However, a large proportion of variance in the short-run movements of housing wealth is found to be transitory.
