Hi-Stat img
□ ENGLISH
□ HOME
□ プロジェクト概要
組織図

概念図

スタッフ
□ 研究成果
ディスカッションペーパー

データベース
□ お知らせ
公募情報

研究会日程

過去の研究会と報告資料

レクチャーシリーズ

過去のレクチャーと報告資料

ニュースレター
□ リンク
一橋大学

一橋大学附属図書館

一橋大学経済研究所

社会科学統計情報研究センター

アジア長期経済統計プロジェクト

Global Economic History Network

政府統計ミクロデータの試行的提供

ICPSR データアーカイブ

AMU and AMU Deviation indicators

Dynamic Consumption Behavior:
Evidence from Japanese Household Panel Data



Yukinobu Kitamura


September 2005
revised August 2006


Previous paper Next paper
Abstract
Household consumption and saving behavior have been the central theme of recent macroeconomic literature. Following the work of Robert Hall (1978) and a series of papers by Fumio Hayashi, the focus of the literature has been on dynamic consumption behavior. Using the Family Income and Expenditure Survey (FIES), we conducted a dynamic panel analysis of consumption behavior. We examined intertemporal smoothing and the durability of consumption behavior with or without liquidity constraints. Our results are summarized as follows: (1) households with debt as well as debt-free households with low annual incomes and net savings faced disposable income constraints; (2) for these types of households, parameter values of lagged dependent variables between MLE and GMM are very close and therefore statistically significant and the implications for each remain more or less the same; (3) debt-free households with high annual incomes and net savings also faced a disposable income constraint in MLE that is not expected in the permanent income-lifecycle hypothesis.
Download (460KB)
Copyright (C) 2003-2007 by Institute of Economic Research.All rights reserved.