家庭投資組合的短期調(diào)整[文獻(xiàn)翻譯]

1、原文：原文：ShtRunAdjustmentsintheFamilysInvestmentPtfolioAmericanfamilieshavebeenchangingthewaytheyallocatetheirinvestmentresources.Thesechangeshaveraisedquestionsconcerningthetypesofinvestmentdecisionsfamiliesmake.Theobjecti

2、veofthisresearchwastogainabetterunderstingofthetypesofinvestmenttradeoffshouseholdsmadebetweenfinancialphysicalhumancapitalassets.Thiswasdonebyestimatingashtrunstockadjustmentmodeloffamilyinvestmentsusingpaneldatafromthe

3、early1970s.Fromexaminingtheempiricalresultsitappearedthatduringthishisticalperiodchoicesaboutahusbshumancapitalinvestmentweregenerallyrelatedtoahouseholdsphysicalfinancialassetacquisition.InContrastchoicesregardingthewif

4、eshumancapitalinvestmentappearednottoberelatedtoanyofthemetraditionalhouseholdinvestmentoptions.Theimplicationsofthisstudyfincreasingunderstingofcurrenthouseholdinvestmentpatternsarediscussedintheconcludingsectionofthepa

5、per.AModelofHouseholdStockAdjustmentNoonetodatehasexplicitlysetouttomodeltherelationshipsbetweenvarioustypesofhumannonhumanwealthinvestmentsinthehousehold.Virtuallyalloftheinvestmentliteraturethatcurrentlyexistscanbeplac

6、edintotwomutuallyexclusivecategies:thosepiecesfocusingonhumancapitalacquisitionthosepiecesrelatingtophysicalfmancialcapitalstockadjustments.SincetheearlywksofSchultz(1962)Becker(1975)BenPath(1967)manyempiricalstudiesofhu

7、mancapitalinvestmenthavebeenpublishedbutonlyahfulhaveimplicitlyacknowledgedthesimultaneityofafamilyshumancapitalinvestmentchoices(Lechoicesregardinghowmuchtoinvestinthehusbswifesmarketskills).Evenfewerhaverecognizedthatf

8、eachindividualinahouseholdinvestmentcantakeplaceinthehomeaswellasinthemarket.Juster(1985)hasbeentheonlyonetomeasuredirectlytheamountoftimefamilymembersspendinvestinginnonmarket(i_e.homeproductioniented)capitalinvestments

9、thathavebeenhisticallyomitted.Adeionofsuchanexpedmodelisfmallybegunatthelevelofthehouseholdsdesired(equilibrium)capitaldemequationswhicharepositedtobeafunctionof(a)thevariousmarketratesofreturnfeachtypeofcapital(b)perman

10、entincome.Unftunatelyinthedisaggregatemodelthatisestimatedhereitisimpossibletocalculatetherateofreturnfeachofthestocksinaparticularhouseholdsptfolio.FollowingBryant(1986)thisproblemcanbecircumventedbyassumingthatonceaser

11、iesofdemographicacteristicsthatmayalterahouseholdsreturnsarecontrolledfratesofreturndonotvary.1Itishypothesizedthatpermanentincomeaffectsahouseholdsinvestmentchoicesthroughlifecycleconsiderations.Inalifecycleframewkplann

12、edconsumptiontherefeplannedsaving(i.e.investment)ishypothesizedtobeafunctionofthefamilyspermanentincomebecauseofthehouseholdslifetimebudgetconstraint(Bryant1986).Plannedinvestmentismadeonabasisofpermanentratherthancurren

13、tincomebecausecurrentincomehasaromtransitycomponentthatafamilycannotanticipatetherefedoesnotincpateinitsdecisionmakingprocess.Thedesireddemequationscanbewrittenas:(1)xP~t=xPkit(DitYPit)where:XPkit=thedesired(planned)long

14、runstockofitemkbyfamilyiinyeart.Dit=thevectofdemographicacteristicsfhouseholdiattimetYeit=permanenthouseholdincomefhouseholdi.UnftunatelythemeasureofahouseholdslongrunholdingsofanystockXP~tcannotbyobservedatapointintime.

15、Thisisbecauseahouseholdscurrentcapitalstockwillinalllikelihooddeviatefromitsdesiredstockatanypointduetoadjustmentlags.Adjustmentlagsaresimplyinherentinthenatureofcapitalgoodsacquisition.Theyoccurbecauseofthecostsassociat