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| Tekijä: | Ogawa, K. |
| Otsikko: | An empirical re-evaluation of wealth effect in Japanese household behavior |
| Lehti: | Japan and the World Economy
1996 : DEC, VOL. 8:4, p. 423-442 |
| Asiasana: | ECONOMIC CONDITIONS PANEL DATA WEALTH |
| Kieli: | eng |
| Tiivistelmä: | This study investigates empirically the role of wealth in the behaviour of Japanese households from two standpoints. One is concerned with what types of wealth are relevant in consumption decision by households. The other is which component of consumption spending is affected by wealth. The authors find that the liquid financial wealth appears as a significant explanatory variable in expenditure function of many commodity groups as well as total consumption. It turns out that variations of liquid wealth are responsible for about one third of the change in aggregate consumption in the boom period starting from the middle of 1980s. |
SCIMA