本文使用PSID在1984年到1994年之間的調查資料,探討在人生週期的各個年齡,來自自住房屋的資本利得對於主動儲蓄的影響為何。本文與既有文獻不同,使用的是平滑係數部分線性模型。實證結果發現,房屋資本利得對主動儲蓄的影響確實在生命週期各階段有不同,可以看出房屋資本利得與主動儲蓄有非線性關係。
This paper uses semiparametric smooth coefficient partially linear model to examine whether and how the relationship between housing capital gain and active saving varies with the age of household head. Based on household data from PSID covering the period 1984-1988, we find that the association between housing capital gain and active saving is highly nonlinear and differs significantly across age.