【摘要】 以我国2000~2008年第2季度的数据为样本,依据理论的推导,采用Johansen协整关系,对全样本进行协整检验,并对其进行格兰杰因果检验、脉冲响应函数与方差分解得出结论:短期来说,居民收入升高是居民消费增加的Granger原因;股票价格与房地产价格的波动互为Granger因果。从长期来看,居民收入的增加是我国居民消费增加的Granger原因,反向也成立;通过协整检验回归可知,居民收入与价格消费指数的变化,仍然是我国居民消费最有力的解释原因,我国资产市场存在一定的财富效应,但是效果很微弱;股票与房地产价格变动对居民消费的影响机制却截然不同,股票市场财富效应迅速,房地产市场的财富效应滞后且持久。更多还原

【Abstract】 Based on the theories,this paper gives the conclusions using the Granger test on the quarter data of 2000 to 2008 as blows: the changes of shanghai security index and house is not the cause to the consumption of our resident;the revenue is the strong reasons explaining for consumption change in China.Using the cointegration test,we knows that stock and house market exist weak wealth effects;the affect mechanisms are different,the wealth effect on the stock market is quick and in short time,but the wealth effect on the house market is lagged behind but keep for a long time.更多还原