Through the empirical conclusion, the paper gave some policy recommendations according positive wealth effect being gradually emerging during bull market and the theory of the life cycle - persistent income wealth.
通过文章的实证结论,从多头时期股市的正财富效应逐渐显现和从生命周期——持久性收入理论将股市财富收入转化成持久性收入两方面提出相应的政策建议。
参考来源 - 股价变动对居民消费支出的影响分析·2,447,543篇论文数据，部分数据来源于NoteExpress
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.
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.
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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