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Consumption growth and the intertemporal elasticity of substitution: some evidence from income quintile groups in Japan

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Author Info

  • Shigeyuki Hamori

Abstract

This research empirically analysed the relations between the difference in consumer's preference and the consumption growth rate in Japan. As a result, the close relationship between the two is revealed. This study has clarified the fact that as the income bracket becomes higher, the value of intertemporal elasticity of substitution becomes smaller. This is consistent with the gap in the consumption growth rate between the income brackets, i.e. the difference in the consumer's preference parameter has played a significant role in correcting the consumption gap in the period of high economic growth in post-war Japan.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 3 (1996)
Issue (Month): 8 ()
Pages: 529-532

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Handle: RePEc:taf:apeclt:v:3:y:1996:i:8:p:529-532

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References

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  1. Hamori, Shigeyuki, 1992. "On the structural stability of preference parameters obtained from Japanese financial market data," Economics Letters, Elsevier, vol. 40(4), pages 459-464, December.
  2. Hamori, Shigeyuki, 1993. "Test of the international equity integration of Japan," Economics Letters, Elsevier, vol. 42(1), pages 71-76.
  3. Hamori, Shigeyuki, 1992. "Test of C-CAPM for Japan: 1980-1988," Economics Letters, Elsevier, vol. 38(1), pages 67-72, January.
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Citations

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Cited by:
  1. Ben-Gad, Michael, 2012. "The two sector endogenous growth model: An atlas," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 706-722.
  2. Kurita, Takamitsu, 2010. "Co-breaking, cointegration, and weak exogeneity: Modelling aggregate consumption in Japan," Economic Modelling, Elsevier, vol. 27(2), pages 574-584, March.
  3. Arai, Real & Ueda, Junji, 2013. "A numerical evaluation of the sustainable size of the primary deficit in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 30(C), pages 59-75.
  4. Real Arai & Junji Ueda, 2012. "A Numerical Evaluation on a Sustainable Size of Primary Deficit in Japan," Discussion papers ron235, Policy Research Institute, Ministry of Finance Japan.
  5. Michael Ben-Gad, 2008. "The Two Sector Endogenous Growth Model and the Intertemporal Elasticity of Substitution: An Atlas," 2008 Meeting Papers 512, Society for Economic Dynamics.
  6. Biederman, Daniel K. & Goenner, Cullen F., 2008. "A life-cycle approach to the intertemporal elasticity of substitution," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 481-498, March.
  7. Masaya Sakuragawa & Kaoru Hosono, 2010. "Fiscal Sustainability Of Japan: A Dynamic Stochastic General Equilibrium Approach," The Japanese Economic Review, Japanese Economic Association, vol. 61(4), pages 517-537, December.

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