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Unemployment Risk and Consumption: Can the Buffer Stock Saving Behavior Explain the Japanese Experience?

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Author Info

  • Masayuki Keida

    (Graduate School of Economics, University of Tokyo)

  • Takashi Unayama

    (Institute of Economic Research, Kyoto University)

  • Katsunori Yamada

    (Graduate School of Economics, Kyoto University)

Abstract

This paper showed that the drop of propensity to consume in Japan during the lost decade is attributable to increase of income risks, mainly due to rises in unenployment rate/ To asses the impacts of income risks, we used the buffer stock saving model and a numerical method. The buffer stock saving model has put aside effects of income risks on propensity to consume, while it stresses on determination of the target wealth. On the other hand, we focused on dynamics of propensity to consume in response to increases ofincome risks with explicit consideration of wealth distribution dynamics.

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Bibliographic Info

Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 595.

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Length: 21 pages
Date of creation: Aug 2004
Date of revision:
Handle: RePEc:kyo:wpaper:595

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Keywords: Income Risk; Japanese Household Consumption; Precautionary Saving;

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