Heterogeneous Households,Consumption Structure and the Effect of Consumption Stimulus Policy
China's economic development is facing the triple pressure of"demand contraction,supply shock,and weakening expectations".The central and local governments have introduced a considerable number of consumption stimulus policies to expand consumer demand,including commodity price subsidies and tax and fee cuts.Compared with the various types of expenditure tools,fiscal revenue is a bit"stretched".How to use limited resources to achieve greater results is very important.Therefore,assessing and comparing the effects of these policy instruments is important.First of all,using real data and relative research,this paper describes some characteristics of China's consumption,including the heterogeneity of residents'consumption and the difference in the structure of consumption goods.These heterogeneities are important factors in assessing and comparing the role of these policy instruments in stimulating consumption.Secondly,based on the typical facts summarized,this paper constructs a dynamic stochastic general equilibrium model including heterogeneous households,heterogeneous consumption goods,and financial frictions,and studies the overall impact of different policies on the total consumption,consumption structure,and income distribution.The results show that the price subsidy of durable goods,the reduction of labor income tax,and the targeted financial subsidy policy(providing quantitative credit support instruments for low-income households)can more effectively stimulate consumption and output under the influence of the intertemporal resource allocation limitation of low-income households and the saving effect of durable goods.In addition,the fiscal policy is more effective than the structural monetary policy in stimulating household consumption in both the long run and the short run.Finally,from the perspective of common prosperity,this paper analyzes the distributional effects of different policy instruments and finds that the durable goods price subsidy policy can achieve both efficiency and equity,for this policy instrument makes the income of low-income households more profitable.This conclusion shows that it is of great significance to continue to adhere to and expand the policy of tax and fee reduction to expand domestic demand,and increasing price subsidies on durable goods such as cars,home appliances,and furniture can effectively boost consumption.We should give full play to the role of structural monetary policy to achieve the purpose of"precise drip irrigation"and further improve the vitality of consumption.The evaluation and comparison of policies in the general equilibrium framework is a useful supplement to the existing evaluation of policy effects based on partial equilibrium.This paper constructs a heterogeneity model based on the heterogeneity of household consumption and the difference in consumption goods structure,which not only further expands the framework of existing research but also increases the understanding of how policy instruments affect total consumption,providing a theoretical basis for realistic policy-making.
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