The Study Of Residents Of Asset Price Fluctuations On The Wealth Effect

Fluctuations in asset prices triggered changes in consumer spending has become an international academic circles in particular macro-economic policy research a priority. Taking into account interest rates, government bonds, corporate bonds, such as the stability of prices, stock assets and real estate assets of the residents hold assets in more frequent price fluctuations of the two, the paper aims to study China's stock market and real estate market wealth effect. With the investment in equities and real estate sharp rise in the number of inhabitants, as investment and consumption relations as well as the constraints of real estate investment stocks and the rise of people's consumption is bound to have a strong impact.This paper is divided into five chapters: Chapter I inspected the system at home and abroad on the stock market wealth effect of housing wealth effect and the research results and the results of these in-depth analysis and study, grasp of the real estate and stock market impact on the residents spending the forefront of developments, as this paper has laid the foundation; Chapter II study of the theory and stock price fluctuations on the consumer's transmission mechanism, based on the wealth effect on consumption function and the wealth effect of the financial description of the wealth effect on the final role in the mechanism of economic growth and the stock market and housing wealth effect of the difference; Chapter III of the expanding use of the Lettau-Ludvigson model on the stock market and housing wealth effects of the empirical research, research shows that China's stock market presence of negative wealth effect of the weak real estate market and there is wealth effect; Chapter 4 analysis the mechanism from the macro-analysis of the context of the weak stock market and the wealth effect of housing wealth effect; The final paper on the development and improvement of the stock market and real estate market and the residents of the proposed investment concludes with strategies and recommendations.This paper is on the innovative use of the expansion of the Lettau-Ludvigson model, and its use of China's stock market and housing wealth effect of the research, and for the first time the stock price and consumer price fluctuations of the impact of a comprehensive study.As China's stock market and real estate market continues to improve, the paper's findings further study on the future of China's stock market and housing wealth effect has a reference value.