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阿里翻译公司关键字：etc.) changes in consumer demand. Among them, the residents of assets in the main part of the performance of bank deposits, securities, stocks and real estate. Interest rates, government bonds and corporate bonds relative price stability, specifically refers to narrow the wealth effect of stock market翻译市场行情价格多少钱 and real estate wealth effect.The so-called wealth effect of real estate, real estate prices翻译价格费用 is due to (or down), resulting in the growth of real estate owners of wealth (or decrease), the value of its portfolio increase (or decrease) and, thus, increase (or decrease) in consumption, the expansion ( or narrow) short-term marginal propensity to consume (Marginal Propensity to Consume, MPC), to promote (or inhibit) the effect of economic growth. In fact, the increase in housing wealth, and expected increase in expected income, driven by higher prices翻译价格费用, also contributed to the property合理翻译收费 itself, further growth in consumption and investment.Many studies show that the real estate wealth effect does exist. For example, Skinner (1989) survey data parallel analysis of income dynamics (PSID) and found the real estate wealth effect on consumption is small but very significant. Yoshikawa and Ohtake (1989) proposed a more thought-provoking conclusions, they found that higher land prices翻译价格费用, planning to buy Japan's high savings rate lease, but this time the incidence of family planning to buy also significantly higher than low, so the net effect of housing prices翻译价格费用 will also increase the lease and there is room's consumption. Engelhardt (1994) study of Canadian renters made a similar conclusion that the higher prices翻译价格费用 reduce the down payment to buy a house for family rental savings of probability. Price for each additional $ 4,000 is reduced by 1% savings rate, these savings may be used to reduce the increase in consumption.Engelhardt (1996) use PSID data on house price growth and consumption of those who currently have room for a direct link between the tests. He estimates the property合理翻译收费 from those who have real housing capital gains of the MPC is about 0.03, but this will be due to the asymmetry in behavioral response and
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