Understanding saving : evidence from the United States and Japan

著者

書誌事項

Understanding saving : evidence from the United States and Japan

Fumio Hayashi

MIT Press, c1997

  • : hbk

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

Analysis of consumption and saving decisions by households has always been one of the most active areas of research in economics-and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making. Understanding Saving collects eleven papers by economist Fumio Hayashi, along with two previously unpublished chapters, for a total of thirteen chapters. The monograph, which brings together Hayashi's empirical research on saving, is divided into three sections. Part I, "Liquidity Constraints", contains five studies that test the well-known implication of the Life Cycle-Permanent Income hypothesis that households shield consumption from income fluctuations. Part II, "Risk-Sharing and Altruism", contains three papers that examine the interactions between related and unrelated households predicted by the hypothesis for the US and Japanese households. The three papers in Part III, "Japanese Saving Behavior", present the author's explanation of the high saving rate in postwar Japan.

目次

  • Part 1 Liquidity constraints: introduction to parts I and II - a review of empirical studies of household saving
  • the permanent income hypothesis - estimation and testing by instrumental variables, addendum chapter 2 - estimation using updated data
  • the effect of liquidity constraints on consumption - a cross-sectional analysis
  • the permanent income hypothesis and consumption durability - analysis based on Japanese panel data, addendum chapter 4 - consumption growth equation for food
  • testing the life cycle - permanent income hypothesis on Japanese monthly panel data
  • tests for liquidity constraints - a critical survey and some new observations. Part 2 Risk sharing and altruism: is the extended family altruistically linked? direct tests using micro data
  • is the Japanese extended family altruistically linked? a test based on Engel curves
  • risk sharing between and within families. Part 3 Japanese saving behaviour: introduction to part III - a review of recent literature on Japanese saving
  • why is Japan's saving rate so apparently high?, addendum chapter 11 - an update of data appendix
  • life cycle and bequest savings - evidence from a large cross-section of Japanese households
  • housing finance imperfections and private saving - a simulation analysis.

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