所谓财富效应是指:“在其他条件恒定的情况下,货币余额的变化,将会在总消费者开支方面引起变动。这样的财富效应常被称作庇古效应或实际余额效应。”由此来看,对财富效应的研究本质上是对消费影响因素的进一步研究。追溯消费理论发展的脉络:首先,凯恩斯的绝对收入模型建立在不考虑跨时的预算约束的基础上,即消费数量仅受当期货币收入和价格影响,与上期消费没有关系。在此基础上,跨时期的消费理论开始产生,杜森贝里用“消费不可逆性”解释过去收入对现期消费的影响;弗里德曼提出了持久收入理论,认为影响收入的是预期的、稳定的持久收入,并简单地将近两期收入的加权平均值作为持久收入建立消费函数;莫迪利亚尼提出了生命周期理论,将终生消费函数划分为三个阶段,这一理论认为各阶段的消费受到劳动收入和财产收入的影响;预期理论则认为持久收入理论和生命周期理论存在基于预期的消费理论和基于滞后的消费模 The so-called wealth effect means: “Under other conditions, the change in the balance of the money will cause a change in the total consumer spending. Such a wealth effect is often called the Pigou effect or the actual balance effect.” “ From this point of view, the study of the wealth effect is essentially a further study on the influencing factors of consumption. Trace the context of consumer theory development: First, Keynes's absolute revenue model is built on the basis of not considering the cross-time budget constraint, that is, the consumption amount is only affected by the current currency income and price, and has no relation with the previous period's consumption. On this basis, the theory of consumption started to emerge from time to time, Dusenberg used the ”irreversibility of consumption" to explain the effect of past income on the current consumption. Friedman proposed the theory of long-term income, Expected, stable and long-lasting income, and simply the weighted average of the last two periods of income as a long-term income to establish a consumption function; Modigliani put forward the life cycle theory, the life-long consumption function is divided into three stages, this theory It is concluded that the consumption of each stage is affected by both labor income and property income. Expectations theory holds that persistent income theory and life-cycle theory are based on the expected consumption theory and the lagging consumer model