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- 住房的财富效应--以英国为例(英文版)
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- 作者：何哲纯|责编:陈何真璐
- 出版社：西南财大
- ISBN：9787550464216
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售价：19.92
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内容大纲
本书基于英国家庭调查数据，从理论和实证两方面对住房的财富效应进行了研究。首先，对现有文献中住房财富效应的研究现状和研究发展动态进行归纳梳理，提出文献中尚未解决的重要问题。其次，针对现有文献尚未重视的房价如何影响家庭劳动供给的问题进行研究。具体来说，使用英国家庭面板调查（BHPS）数据，采用双变量Probit模型研究了区域房价对夫妻劳动力供给的影响。研究发现住房的财富效应呈现年龄和性别差异。再次，探讨了住房财富的边际消费倾向（MPC）异质性。具体而言，利用英国财富和资产调查（WAS）数据，并采用期望最大化（EM）算法，建立了一个多变量高斯混合模型，对理论所隐含的四种投资组合进行了分类。基于这些分类，估计了不同类别的老年房主的边际消费倾向（MPC）。结果表明，刺激措施对借贷受限、净值较低的家庭最为有效，因为这些家庭的消费对财富冲击更为敏感。最后，本书基于分析，提出丰富房产财富效应研究的相关建议，以期为我国制定更有效的稳就业、促消费的经济政策提供参考。
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作者介绍
何哲纯，英国约克大学经济学博士，深圳北理莫斯科大学经济系助理教授。研究方向：家庭金融、宏观经济学。
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目录
Chapter 1 Introduction
Chapter 2 Estimating the Housing Wealth Effect on Household Labour Participation in the UK
2.1 Introduction
2.2 The Data
2.3 Econometric Specification and Estimation Strategy
2.3.1 Econometric Specification
2.3.2 Estimation Strategy
2.4 Estimation Results
2.4.1 Estimation Results for Wage Equations
2.4.2 Estimation Results for Household Participation
2.4.3 Robustness Check
2.5 Conclusion
Chapter 3 Heterogeneous Wealth Effects on Consumption for Older Homeowners with Unobservable Borrowing Constraints
3.1 Introduction
3.2 Theoretical Motivation
3.2.1 Evolution and Cross Sectional Variation of Assets Allocations
3.2.2 Possible Asset Allocation Regimes
3.3 Data
3.3.1 Conceptual Definition
3.3.2 Infrequency of Home Purchase Decisions
3.3.3 Sample Choice, Household Wealth and Demographics
3.4 A Multivariate Gaussian Mixture Model for Asset Allocation Patterns
3.4.1 A Standard EM Algorithm for a Multivariate Gaussian Mixture Model
3.4.2 The Censored Data EM Algorithm for a Multivariate Gaussian Mixture Model
3.5 Classification Results
3.5.1 Determinant of Component Membership
3.5.2 Alignment in Theoretical Regimes and Empirical Components
3.6 Structural Estimation on MPC for Older Homeowners
3.6.1 Imputed Non Housing Consumption
3.6.2 Moment Condition and Structural Estimation
3.7 Conclusion
Chapter 4 Concluding Remarks
References
Appendix
Appendix A Appendices to Chapter
A.1 The House Price Process
A.2 Reduced Form Labour Participation Estimates
Appendix B Appendices to Chapter
B.1 Definition of Variables
B.2 Regression of the Estimated Posterior Probability on Household Characteristics
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