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昌都翻譯公司關鍵字：increased. Positive and negative wealth effect of real estate there is asymmetry, a gain will not change their family's savings and consumption behavior, and the family will experience capital losses to reduce their consumption. However, Case (2003) results show that the increase in real estate wealth on consumption has a positive significant effect, but the decline in housing wealth on consumption has no effect.
U.S. Federal Reserve Chairman Alan Greenspan (2003) confirmed from the official point of view of real estate wealth effect, he pointed out that the red-hot U.S. housing market翻譯市場行情價格多少錢 is likely to be cool in 2003, this situation will affect the decline in consumer spending [3] , while the consumer is to maintain the main driver of U.S. economic growth.
Some scholars specializing in the stock market翻譯市場行情價格多少錢 wealth effect and real estate wealth effect for more research, such as: Karl E. Case, John M. Quigley, Robert J. Shiller (2003); Alexander Ludwig and Torsten Slok (2001) and so on. Compared with the stock market翻譯市場行情價格多少錢, real estate market翻譯市場行情價格多少錢 has greater stability, the price volatility is much smaller, so the two have different effects on consumption.Housing wealth in the proportion of household wealth in the wealth effect is to play its key. Both developed and developing countries, real estate has been a high proportion of household wealth in, for example, more than half of European residents own their own homes, and residents in family housing accounted for 40-60% of all the property合理翻譯收費. Especially in the immature stock market翻譯市場行情價格多少錢, low level of participation of countries, and most ordinary families than high-income families pay more attention to real estate wealth. Experience from around the world in the development of immature stock market翻譯市場行情價格多少錢, low level of participation of countries, and most ordinary families than high-income families pay more attention to real estate wealth.Table 1 is an important asset ratio of U.S. households survey, Table 1 shows that 0.5% of U.S. households own the vast majority of company stock, and shares in the proportion of household assets in the highest. While 80% of households owned only 4.1% of the stock, assets, family assets to the main house, so for most families, the stock market翻譯市場行情價格多少錢 wealth effect more moderate, real estate wealth effect is more obvious. Tracy, Schneider and Chan (1999) study also confirmed this, they pointed out that for most families, real estate price changes
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