中文摘要：

投资者消费层面的货币幻觉对跨期消费和资产定价产生了影响。现实中的投资者同样无法理性区分名义财富和实际财富,这种偏差可以认为是货币幻觉在财富层面的表现,称为＂财富幻觉＂。构建了一个包含资本主义精神和财富幻觉的效用函数,基于该效用函数研究了投资者的跨期消费、资产配置和资产定价问题,建立了通货膨胀影响投资者行为和资产定价的新机制。

英文摘要：

The impacts on the intertemporal consumption and asset pricing are not only through the consumption channel,but also through the wealth channel,because the agent cannot distinguish the nominal wealth and real wealth rationally.The bias between the nominal wealth and real wealth is called‘wealth illusion＇.The problems of intertemporal consumption and dynamics asset pricing are discussed under a utility function with the capitalism spirit and the wealth illusion,and a new influence mechanism of the inflation on the agent behavior and asset pricing is established.