Research on the Influence of the Inter-temporal Consumption to Real Estate Price

摘要

Since the national implementation of housing monetization reform of 1998, real estate as a symbol of wealth has been widely accepted. Existing research shows that the real estate's influence on consumption should not be ignored. As a result of the real estate investment properties, in the decision-making of inter-temporal consumption, real estate wealth effect affects the inter-temporal marginal rate of substitution of consumers, and consumers make influence in housing prices by making inter-temporal consumption decisions. This article introduced the CCAPM theory, using GMM estimation method and monthly data from November 2006 to December 2013, studied the influences of consumption to house price. The results showed that the relative risk aversion coefficient of consumers in the real estate market in China is far beyond the reasonable scope, house price in China has a high risk premium.