摘要
本文借用两个相关的模型探讨流动性约束和政府消费替代对于我国居民消费过度波动现象的解释力,发现流动性约束和政府消费分别通过弱化居民消费跨期优化能力和增强其对居民消费替代作用的渠道来增加居民消费波动,且前者的作用强于后者。本文同时发现流动性约束的增加减损居民福利,而政府消费替代比例的增加则能提高居民福利。
This paper used two related models to explore the relationship between liquidity constraint, government consumption substitution and household consumption volatility in China. This paper found that liquidity constraint and government consumption substitution could effectively increase household con- sumption volatility with the channels of weakening household＇s ability of inter-temporal optimization and substitution effect. This paper also found that liquidity constraint decreased household＇s welfare and gov- ernment consumption substitution could help to increase household＇s welfare.
出处
《经济理论与经济管理》
CSSCI
北大核心
2012年第2期37-46,共10页
Economic Theory and Business Management
基金
国家社会科学基金重点项目(09AJL001)
关键词
流动性约束
政府消费
替代作用
消费波动
liquidity constraint
government consumption
substitution effeet
consumption volatility
