Based on the perspective of hom-ogenization of local house prices,this article empir-ically analyzes the impact of heterogeneous house price spillovers on the average consumption level of local residents through a panel data of 70 cities.The results show that:the homogenization spillover of foreign house price to local house price will inhibit the consumption level of residents,even if this effect is not directly reflected in the later house price,the residents may still adjust their consump-tion behavior because of the detection of this trend;the third-tier cities have the highest level of hom-ogenization and act as the main recipients of housing price spillover,and compared with the first-tier cities and second-tier cities,the crowding-out effect is more obvious than the wealth effect and the substitution effect,so the weakening effect of hous-ing price spillover on residents'consumption level is more significant;in cities with low dependence on real estate industry,residents have more obvious crowding out effect on consumption expenditure under pressure perception,but the policy of restricting purchases on housing price spillover has the function of'shielding'to alleviate the effect to a certain extent.
Housing price spilloverResident consumptionCity levelPolicy of restricting pur-chases
万方数据
