College of Economics, Sichuan University, Chengdu, China.
College of Economics and Management, Southwest University, Beibei District, Chongqing, China.
PLoS One. 2023 Oct 5;18(10):e0289712. doi: 10.1371/journal.pone.0289712. eCollection 2023.
In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10-0.14%.
在本文中，我们构建了一个包含异质家庭的 DSGE 模型，引入了信贷约束机制的金融摩擦，并研究了房价冲击对异质家庭消费的影响。在此基础上，利用 2011、2013、2015、2017 和 2019 年的 CHFS 数据，检验了不同信贷约束下住房财富增值的边际消费倾向。结果表明：首先，金融加速器机制在房价冲击向家庭消费的传递中起着重要作用。信贷约束程度越宽松，房价上涨对借款家庭消费支出的影响就越明显。其次，不同信贷约束下住房财富增值对家庭消费的影响存在异质性。其中，住房财富增值对多套房、信用卡、非贷款限制家庭的消费支出有显著的正向影响，而对仅有一套房、贷款限制和无信用卡的家庭消费支出的边际效应则降低。第三，住房财富增值每增加 1%，家庭消费将显著增加 0.10-0.14%。
