研究发现，从短期看住房资产的财富效应为负，从长期看住房资产的财富效应为正。

We discovered that the wealth effects of housing assets is negative and feeble in the short term, whereas positive in the long run.

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第二部分以美国为例研究了股市财富正效应，并指出了美国股市财富效应的双重性；

The second part studies the positive fortune effect and shows the dualism of America fortune effect of stock market.

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股市可以形成一定的虚拟财富效应，对刺激有效需求能产生正效应。

Stock market can form a certain subjunctive fortune effect, and it can stimulate the positive effect on the effective demand.

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股市可以形成一定的虚拟财富效应，对刺激有效需求能产生正效应。

Stock market can form a certain subjunctive fortune effect, and it can stimulate the positive effect on the effective demand.

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