随着今后美国房价下跌的负财富效应的显现，开始成为消费者支出的沉重包袱后，明年才是真正考验各国经济增长后劲的关键时期。
The real test of the rest of the world's stamina will come over the next year, as the negative wealth effects of falling home prices start to weigh on American consumer spending.
本文发现当外部习惯形成影响存在时，经济增长会对储蓄率的变动有正向作用，消费者的自身消费具有负的社会效应。
Especially when there only exists external habit formation, an increase in the growth of the economy has a positive effect on saving rate.
对资本收入征税，无论在短期还是长期都不利于投资率和经济增长率的提高，长期累积效应为负。
For the Capital income tax rate, no matter in short-term or in long-term, it has a negative effect on investment rate and economic growth, so is the accumulated effect.
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