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中文摘要：
采用最新发展的非平稳面板（面板单位根、面板协整和面板DOLS）计量方法，利用30个大中城市1998—2009年的季度面板数据，对我国城镇居民的住房财富效应进行实证检验。面板数据的使用扩大了样本容量、提高结论的可靠性，而且可以进行城市间的比较分析。研究结果表明：近十年房价持续上涨，大部分城市的住房财富效应显著为负，全国总体来看住房财富效应微弱：各城市的住房财富效应表现形式存在明显差异；股票财富效应非常微弱。
英文摘要：
In this paper we re-investigate the housing wealth effect by using the panel date of the 30 cities from 1998 to 2009 and the new non-stationary penal econometrics methods. This paper solves the problem of small sample and the difference of different cities existing in early relevant studies. The empirical results show that the housing price rising has been crowding-out residents＇ consumption in many Chinese cities, but the crowding-out effect was not so evident in all. And the housing wealth effect was significant difference in different cities. The stock wealth effect was not evident.
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