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财富、消费函数与经济增长
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内容提要 通过持久收入理论和生命周期理论，可从不同侧面分析股市财富效应的作用，LC－PIH模型则对股市的财富效应进行了全面的诠释，即持续繁荣的股市所形成的财富效应，可以增加投资者财富和公众对未来经济发展的景气预期，改变短期MPC，刺激消费增长，进而促进经济增长。但财富效应的影响程度，受股市规模，股市变动趋势，股价波动的不确定性等因素的制约。
【关键词】股市 财富效应 消费函数 边际消费倾向 经济增长
Wealth Effect， Consumed Function and Economic Growth
Key Words: Stock Market，Wealth Effect，Consumed Function， MPC，Economic Growth
Abstract: The permanent income hypothesis and the life-cycle hypothesis are able to explain respectively the wealth effect of stock market to some extent. The LC-PIH hypothesis has still interpreted the effect. Once the stock market is booming sustained, the positive wealth effect will come into effect, which will increase the wealth of investors and their good expectancy of economic development, stimulate the social consumption to go up, enlarge the short-term marginal propensity to consume. Then the economic growth will come true. However the wealth effect is restricted by the size of stock market, the tendency of the stock market in the long-run and the uncertainty of the stock fluctuation so on.
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