统计研究

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住户部门资产替代及其政策效应研究

张 帅   

  • 出版日期:2015-07-15 发布日期:2015-07-17

Research on Assets Substitutability and It’s Policy Effect of Household sector

Zhang Shuai   

  • Online:2015-07-15 Published:2015-07-17

摘要: 本文首先基于具有局部弹性且满足全局正则性的Minflex Laurent模型计算了资产之间的Morishima替代弹性系数(MES),测度了我国住户部门在存款、股票和房地产之间的替代程度,并对MES反映的问题进行了分析,同时还基于MES,模拟了实现既定资产结构调控目标的具体政策组合,得到了住户资产结构性调控的具体操作方案,突破了传统的单一资产需求调控模式。本文研究结果可以为宏观经济调控提供重要依据。

关键词: 资产替代, 需求系统模型, 正则性条件, 替代弹性系数

Abstract: This paper firstly measured China household sector’s assets substitutability among deposits, stocks and real estates by calculating Morishima elasticity of substitution (MES) based on globally regular and locally flexible functional form—Minflex Laurent Model, and then analyzed the implications of the MES, meanwhile a specific combined policy used to achieve fixed assets structural adjustment goal was simulated also, the simulation provided a concrete operation scheme for household assets structural control which broke through the traditional single asset demand control pattern. The results of this paper can provide important basis for macroeconomic control.

Key words: Assets Substitutability, Demand System Model, Regularity Conditions, Elasticity of Substitution