CAJ | 학술논문

利率下降对居民跨期消费选择影响存在收入效应和替代效应。由于这两种效应对居民当期消费的作用方向完全相反，因而总效应要取决于这两种效应的强弱。对于我国中低收入居民来说，利率下降对其跨期消费选择的收入效应特别明显，替代效应则趋于零，因而降息反而会减少其当期消费数量。对于我国中高收入居民来说，利率下降对其跨期消费选择的替代效应在很大程度上被收入效应所抵消了，因而降息拉动其当期消费也不明显。为了刺激居民消费．除了实施降息政策以外．还必须采取其他政策与之配合。
리솔하강대거민과기소비선택영향존재수입효응화체대효응。유우저량충효응대거민당기소비적작용방향완전상반，인이총효응요취결우저량충효응적강약。대우아국중저수입거민래설，리솔하강대기과기소비선택적수입효응특별명현，체대효응칙추우령，인이강식반이회감소기당기소비수량。대우아국중고수입거민래설，리솔하강대기과기소비선택적체대효응재흔대정도상피수입효응소저소료，인이강식랍동기당기소비야불명현。위료자격거민소비．제료실시강식정책이외．환필수채취기타정책여지배합。
The effects of declining interest rates on resident＇s inter-temporal consumption choice include substitution effect and income effect. These two effects on resident＇s temporal consumption are opposite, so the gross effects lie on the relative strength of the two effects. Concerning the effects of declining interest rates on low and middling income resident＇s inter-temporal consumption choice, the income effect is conspicuous, and the substitution effect is inconspicuous, so declining interest rates will decrease low and middling income resident＇s temporal consumption. Concerning the effects of declining interest rates on high and middling income resident＇s inter-temporal consumption choice, the substitution effect is counteracted by the income effect, so the effect of declining interest rates enlarging high and middling income resident＇s temporal consumption is indistinctive. For activating resident＇s consumption, besides implementing low interest rates policy, we should adopt other policy.