【摘要】 本文使用中国城镇住户调查数据,分析了房价对城镇居民消费的影响。平均而言,房价显著抑制了消费,且该抑制效应在不同群体间差异明显。有未婚男性的家庭,或者已经有房的家庭,特别是现有住房价值较低的家庭,房价对消费的抑制效应更强。房价对消费抑制效应的异质性与家庭购房行为的差异相一致。有未婚男性的家庭,或者上一年有房的家庭,特别是上一年住房价值偏低的家庭购房的可能性更高,上一年住房价值较高的家庭购买两套房的可能性更高。更多还原

【Abstract】 China’s housing prices have been rising over time in recent years,so investigating how housing prices movements affect household consumption has important policy implications.We found that housing prices had a significantly negative impact on the consumption in China.Moreover,households with unmarried single man, homeowners,especially homeowners with a poor living condition save more in reaction of rising house prices.In addition,this finding is consistent with heterogeneity in propensity of housing purchasing.The groups who consume less are more likely to buy houses in response to rising house prices.更多还原