CAJ | 학술논문

利率变动通过影响虚拟经济改变了主流经济学中利率变动的收入效应与替代效应，在虚拟经济下：（1）利率上升通过虚拟经济的财富效应，在短期中使储蓄增加，在长期中使储蓄减少；（2）利率上升通过虚拟经济的替代效应，在短期中使储蓄减少，在长期中使储蓄增加。通过中国2000-2007年数据实证表明：利率变动对居民储蓄都产生负向作用；利率变动通过股市对居民储蓄产生的替代效应大于财富效应；利率变动通过影响投资从而作用于居民收入、居民储蓄的机制不存在。
리솔변동통과영향허의경제개변료주류경제학중리솔변동적수입효응여체대효응，재허의경제하：（1）리솔상승통과허의경제적재부효응，재단기중사저축증가，재장기중사저축감소；（2）리솔상승통과허의경제적체대효응，재단기중사저축감소，재장기중사저축증가。통과중국2000-2007년수거실증표명：리솔변동대거민저축도산생부향작용；리솔변동통과고시대거민저축산생적체대효응대우재부효응；리솔변동통과영향투자종이작용우거민수입、거민저축적궤제불존재。
The income effect and substitution-effect of the interest rates have changed via fictitious economy, under which: (1) wealth effect of the rise of interest rates via fictitious economy will lead to the increase of savings in short term and de crease of savings in long term; (2) substitution effect of the rise of interest rate via fictitious economy will lead to the de crease of savings in short term and increase of savings in long term. The empirical evidence of Chinese 2000-2007 year data shows: interest rates have negative effect on savings; wealth effect is greater than the substitution effect; the mechanism that interest rates affect residents' income and household saving via investment does not exist.