A Study on Dynamic Modeling for Chinese Residents Consumption and Investment Decision with Housing

摘要：

We solve a realistically calibrated life-cycle model of consumption and portfolio decision for Chinese families with housing and stochastic labor income, and try to find the important factors for residents consumption and investment decision. Our analysis demonstrates that labor income risk and house price risk crowd out the level of stockholdings because of the increase of protective saving, while down payment ratio reduces stockholdings of resident due to the illiquid home equity restrictions. Our analysis also indicates that, with the increase of house price risk and down payment ratio, non-housing consumption of households is reduced in the early life-cycle, and increased in the latter life-cycle.

关键词： Life-cycle Consumption and investment Decision Housing

作者: Liu Zhixin Huang Lingling

作者单位: School of Economics & Management, BeiHang University, P.R.China, 100083

会议类型: 国际会议

会议名称: 第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)

会议地点: 武汉

会议语种:英文

页码: 13-18

在线出版日期: 2007-08-03（万方平台首次上网日期，不代表论文的发表时间）