Abstract:In terms of the income differences, and preference differences in housing dual attributes, residents are divided into three groups: residents with liquidity not being constrained, residents with liquidity not being fully constrained, and residents with liquidity being completely constrained. Based on their respective objective function and constraint conditions, a dynamic panel model is constructed to determine the cointegration relationship between house prices and consumption, and build dynamic panel error correction model. The results show that:①on the national level, income is the core factor, and the effect of housing price rise and expected housing price rise on consumption is a squeezing effect; ②on the resident level, for residents with no liquidity constraint, income is not an important factor of consumption, and the other two groups' consumption are greatly influenced by income and habits-- the stronger the liquidity constraints, the more obvious the effect; for residents with no liquidity constraints, in the short and long term, prices rising and expected price rising affect wealth, thus in turn affects consumption; the other two types of residents experience the effect of crowding out; the strength is greater than the former wealth effect, and the stronger the liquidity constraint, the more significant the inhibition effect. |