财富效应就是指消费者的资产净值变化对于消费者需求的影响。当消费者的资产价值贬值，消费者消费偏好下降，人们花钱谨慎，称为负财富效应。
随着今后美国房价下跌的负财富效应的显现，开始成为消费者支出的沉重包袱后，明年才是真正考验各国经济增长后劲的关键时期。
The real test of the rest of the world's stamina will come over the next year, as the negative wealth effects of falling home prices start to weigh on American consumer spending.
研究发现，从短期看住房资产的财富效应为负，从长期看住房资产的财富效应为正。
We discovered that the wealth effects of housing assets is negative and feeble in the short term, whereas positive in the long run.
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