Household Registration System Reform and Urban Residents'Consumption Tendency
How will the reform of the household registration system,which reduces the resistance of rural residents to enter the city,affect the consumption tendency of urban residents?This paper first utilizes the exogenous shock of the 2012 household registration system reform policy,combined with micro-level China Migrants Dynamic Survey(CMDS)data,to identify the typical facts that the household registration system reform promotes the increase in urban residents'consumption tendency using the difference-in-differences(DID)method.This paper constructs and calibrates a heterogeneous agent open economy dynamic general equilibrium model,distinguishing rural and urban residents,and quantitatively analyzes the general equilibrium effect of the household registration system reform on urban residents'consumption tendency.The numerical simulation results show that the household registration system reform prompts an increase in urban residents'consumption tendency,which is consistent with the typical facts.Capital adjustment costs as an important mechanism can significantly affect the response of urban residents'consumption tendency to the household registration system reform.Under higher capital adjustment costs,the household registration system reform raises urban residents'consumption tendency;while under lower capital adjustment costs,the household registration system reform will suppress urban residents'consumption tendency.This paper reveals the underlying mechanism of the dynamic structure of consumption in China under the background of urban-rural integration,providing a new perspective for understanding the economic effects of the household registration system reform.
Household Registration System ReformRural Migrant WorkerConsumption TendencyDynamic General Equilibrium
NETL
NSTL
万方数据
