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Ando, A. and Modigliani, F. (1963) The “Life Cycle” Hypothesis of Saving: Aggregate Implications and Tests. The American Economic Review, 53, 55-84.

has been cited by the following article:

  • TITLE: Real Estate Dynamics and Wealth Effect: A Theoretical Assessment

    AUTHORS: Wen Bao

    KEYWORDS: Real Estate Price, Wealth Effect, Transmission Mechanism, Substitution Effect

    JOURNAL NAME: Modern Economy, Vol.10 No.7, July 25, 2019

    ABSTRACT: After the global financial crisis, more and more research at home and abroad have focused on the impact of the real estate market on consumer spending. This paper reviews the research results of domestic and foreign scholars on the wealth effect of real estate, and finds that no matter based on macro or micro data, the relevant domestic research has not given a more consistent conclusion that the wealth effect of the real estate market. Some people hold that the housing wealth effect is positive in China, while others hold that the housing wealth effect is negative in China. This paper sorts out those and tends to support the conclusion that the wealth effect of China’s real estate market is negative. Then, based on the perspective of transmission mechanism, this paper makes a reasonable explanation, and finally puts forward some corresponding feasible policy recommendations to promote the positive wealth effect of the real estate market.