Measurement results.

In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10–0.14%.