Economic Review,1992,36(2-3):575-583 24] Abadie, A, Drukker, D, and Herr, J. L, et al. Implementing [21]安格斯·迪顿理解消费[M,上海:上海财经大学出版社,2016 Matching Estimators for Average Treatment Effects in Stata PJ [22]Dynan, K E, Skinner, J, and Zeldes, S P Do the Rich Save More?J) Stata Joumal, 2004(4): 290-311 Journal of Political Economy, 2004, 112(2): 397-444 [25]余永定,李军.中国居民消费函数的理论与验证[中国社 〗陈强.高级计量经济学及 Stata应用(第二版川M]北京:高等 会科学,2000,(1):123-134 教育出版社,2014 (责任编辑:湘潭大学张磊) Chinese Household Asset Allocation, Liquidity Constraint and Heterogeneous Agent Behavior ZHANG XIn ZANG Xu-heng (1. Postdoctoral Research Station, China Central Depository Clearing Co, Ltd, Beijing 100033, China 2. Institute of Consumption and Development, Shandong University, Jinan 250100, Shandong, China) Abstract: In this paper, we apply the empirical methodology of two-asset model to identify the heterogeneous agents and study the effect of household asset structure on the marginal propensity to consume out of transitory income based on CFPS data. We find that compared with those with sufficient liquid assets, the agents with liquidity constraint have a highe I margi nal propensity to consume out of transitory income, which provides one explanation to the excessive sensitivity of consumption from the standpoint of asset liquidity and transaction cost. Moreover, in view of housing assets dual attributes of consumption and investment,we construct two sets of identification criteria of the net value of gross-housing and multi-housing asset to subdivide agents, the result shows that households without housing assets are initiative to improve the liquidity constraint level with the targeted savings for buying their first house. From the perspective of household assets liquidity, this paper explains the phenomenon of the coexistence of"high wealth level"and"consumption suppression"in the current chinese households Key Words: Liquidity Constraint; Marginal Propensity to Consume; Heterogeneous AgentsChinese Household Asset Allocation, Liquidity Constraint and Heterogeneous Agent Behavior ZHANG Xin1 ZANG Xu-heng2 (1. Postdoctoral Research Station, China Central Depository & Clearing Co., Ltd, Beijing 100033, China; 2. Institute of Consumption and Development, Shandong University, Jinan 250100, Shandong, China) Abstract: In this paper, we apply the empirical methodology of two-asset model to identify the heterogeneous agents and study the effect of household asset structure on the marginal propensity to consume out of transitory income based on CFPS data. We find that compared with those with sufficient liquid assets, the agents with liquidity constraint have a higher marginal propensity to consume out of transitory income, which provides one explanation to the excessive sensitivity of consumption from the standpoint of asset liquidity and transaction cost. Moreover, in view of housing asset’s dual attributes of consumption and investment, we construct two sets of identification criteria of the net value of gross-housing and multi-housing asset to subdivide agents, the result shows that households without housing assets are initiative to improve the liquidity constraint level with the targeted savings for buying their first house. From the perspective of household assets liquidity, this paper explains the phenomenon of the coexistence of "high wealth level" and "consumption suppression" in the current Chinese households. Key Words: Liquidity Constraint; Marginal Propensity to Consume; Heterogeneous Agents Economic Review, 1992, 36(2-3): 575-583. [21] 安格斯·迪顿. 理解消费[M]. 上海: 上海财经大学出版社, 2016. [22] Dynan, K.E., Skinner,J., andZeldes, S. P. Do theRich Save More?[J]. Journal of Political Economy, 2004, 112(2): 397-444. [23] 陈 强. 高级计量经济学及 Stata 应用 (第二版)[M]. 北京: 高等 教育出版社, 2014. [24] Abadie, A., Drukker, D., and Herr, J. L., et al. Implementing Matching Estimators for Average Treatment Effects in Stata [J]. Stata Journal, 2004(4): 290-311. [25] 余永定, 李 军. 中国居民消费函数的理论与验证[J]. 中国社 会科学, 2000, (1): 123-134. 渊责任编辑院湘潭大学 张磊冤 25