习惯形成、潜在流动性约束与城镇居民消费
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| Title | Habit Formation, Potential Liquidity Constraints and Consumer Behavior of Urban Households
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| 作者 | 杭斌 |
| Author | Hang Bin |
| 作者单位 | 山西财经大学统计学院 |
| Organization | Potential liquidity constraint, Habit formation, Income ranking, Consumption of urban households |
| 作者Email | hb-1493@163.com |
| 中文关键词 | 潜在流动性约束 习惯形成 收入等级 城镇居民消费 |
| Key Words | Shanxi University of Finance and Economics |
| 内容提要 | 本文从中国实际出发，在非独立偏好和潜在流动性约束假设下导出了跨期效用最大化的一阶条件和相应的消费函数，然后利用1992-2008年中国22个省（直辖市）高、中、低三个收入组的城镇住户调查数据进行了实证分析。估计结果表明，不同收入水平的居民在消费行为上有很大差异：1. 高收入家庭和低收入家庭前一期消费对当期消费的影响均不显著，但中等收入组的数据支持了习惯形成假设。由于习惯形成参数反映了消费者不希望消费剧烈波动的谨慎心态，中等收入家庭消费的收入弹性因此下降了10.58%。 2.对于高、中、低收入家庭，预期消费支出是重要解释变量，但潜在流动性约束对低收入家庭.的影响较弱。3.无论家庭收入高低，消费示范效应都是显著的。 |
| Abstract | Proceeding from China’s reality, this paper first derives the first order condition of intertemporial utility optimization and its corresponding consumption function under non-independent preference and liquidity constraint, then conducts an empirical study using China’s urban household survey data of 22 provinces and municipalities from 1992 to 2008, which is segmented into three income levels as the high, middle and low. The results indicate that consumption behavior varies among households with different income levels: 1. For high-income and middle-income households, previous period’s consumption has insignificant influence on their current consumption, whereas the habit formation hypothesis is supported by data of middle-income households. Specifically, income elasticity for the middle-income households has decreased by 10.58%, since the habit formation parameter reflects consumer’s cautious attitude to sharp fluctuation in consumption. 2. For high，middle and low-income households, expected consumption expenditure is an important explanatory variable, but potential liquidity constraint’s influence on low-income households is weaker.3. Demonstration effects are significant，regardless of household’s income level. |
| 文章编号 | WP68 |
| 登载时间 | 2011-03-30 |
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