The Impact of Increase in Housing Price on Urban Household Average Consumption Propensity:A Study Based on Household Survey Data in Shanghai
利用上海城市家庭调查数据，实证分析房价上涨通过财富效应和替代效应分别影响有房和无房家庭的消费倾向，建议发展优质公共租赁住房以促进消费。
Theoretically,housing price can affect household consumption through wealth effect,liquidity constraint effect or substitution effect Based on the survey data of Shanghai urban households,this paper makes an empirical analysis and finds recent increase of housing price in Shanghai has positively influenced the household average consumption propensity through wealth effect and substitution effect for the households with and without self - owned houses respectively.Based on the empirical study results,we suggest the government to develop high quality public rental houses so as to encourage household consumption and improve people's happiness in a practical and effective way.