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西藏翻譯公司關(guān)鍵字：caused by changes in household net wealth than the changes caused by changes in stock prices翻譯價(jià)格費(fèi)用 is much greater. If we take into account the lack of housing supply elasticity and the elasticity of substitution, changes in generally accepted that real estate prices翻譯價(jià)格費(fèi)用 higher than the wealth effect generated by the stock market翻譯市場(chǎng)行情價(jià)格多少錢(qián) wealth effect. Real estate wealth effect of the transmission channelReal estate wealth effect of the conduction process, the role of real and virtual economy on the real economy in the process. Real estate wealth effect on the conduction channel, Alexander Ludwig and Torsten Slok (2001) pointed out, there are five kinds of conduction channels:First, to achieve the wealth effect. For those who have room, the rise in house prices翻譯價(jià)格費(fèi)用 led to a net increase in wealth, which can increase current consumption. If prices翻譯價(jià)格費(fèi)用 increase, consumers can mortgage or sell the house to achieve benefit, the benefits of this implementation will have a positive impact on personal consumption.Second, unrealized wealth effect. If housing prices翻譯價(jià)格費(fèi)用, even if the holder does not re-financing (such as mortgage loans) or sell real estate, the discounted value of wealth increases, consumers will expect them to be more wealthy than ever before, this still did not honor the wealth boost consumption.Third, the budget constraint effect. For renters, the housing prices翻譯價(jià)格費(fèi)用 will have a negative impact on their personal consumption. As prices翻譯價(jià)格費(fèi)用 rise, rents rise, renters had to pay higher rent, more intense budget constraints, and thus had to reduce personal consumption. Of course, for those who rent property合理翻譯收費(fèi), rent increase also means that their income increased, so have a positive impact on their consumption. Of course, the budget constraint effects may also play a role on the real estate lessors, but the effect is smaller. Because housing prices翻譯價(jià)格費(fèi)用 will not only increase the rent, other expenses like utilities and renovation of facilities, such as supporting the cost of housing and services prices翻譯價(jià)格費(fèi)用 will rise, thereby increasing their budget constraints.Fourth, liquidity constraint effect. Impact of consumer price changes in the fourth important factor is the financial system is running well. If prices翻譯價(jià)格費(fèi)用 rise, consumers will ask for more loans to deal with rising home prices翻譯價(jià)格費(fèi)用. If the credit crunch or the financial system can not support the demand for such loans, the family may be difficult to sustain such a high price. Specifically, if real estate prices翻譯價(jià)格費(fèi)用 rose, consumers can apply for housing with the
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