Measurement results.

In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10–0.14%.本文构建了包含异质性家庭的动态随机一般均衡（Dynamic Stochastic General Equilibrium, DSGE）模型，引入信贷约束机制下的金融摩擦，探究房价冲击对异质性家庭消费的影响。在此基础上，本文利用2011、2013、2015、2017及2019年的中国家庭金融调查（China Household Finance Survey, CHFS）数据，检验不同信贷约束程度下住房财富增值的消费边际倾向。研究结果显示：第一，金融加速器（Financial Accelerator）机制在房价冲击向家庭消费的传导路径中扮演重要角色；信贷约束程度越宽松，房价上涨对借贷家庭消费支出的正向拉动作用越显著。第二，不同信贷约束条件下，住房财富增值对家庭消费的影响存在异质性特征：其中，持有多套房、拥有信用卡且不受信贷约束的家庭，其住房财富增值对消费支出具有显著正向影响；而仅拥有一套住房、受信贷约束且未持有信用卡的家庭，住房财富增值对其消费支出的边际效应有所减弱。第三，住房财富增值每提升1%，家庭消费将显著增长0.10%–0.14%。