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Japanese monetary policy and household saving

Author

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  • Karl-Friedrich Israel
  • Tim Florian Sepp
  • Nils Sonnenberg

Abstract

This article analyzes the impact of monetary policy on household saving in Japan between 1993 and 2017. Using annual data from the Japan Panel Survey of Consumers it is shown that monetary expansion has contributed to a widening gap in households’ net saving through an adverse effect on the volume of saving of non-academic households. In contrast, households with at least one academic tend to be able to compensate these adverse effects of monetary expansion or can even benefit from it. The article documents how inequality in terms of the ability to build up wealth has increased in Japan over the past decades. The statistical analysis controls for household size as well as potential spatial effects in the transmission mechanism of monetary policy on household saving.

Suggested Citation

  • Karl-Friedrich Israel & Tim Florian Sepp & Nils Sonnenberg, 2022. "Japanese monetary policy and household saving," Applied Economics, Taylor & Francis Journals, vol. 54(21), pages 2373-2389, May.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:21:p:2373-2389
    DOI: 10.1080/00036846.2021.1988890
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    File URL: http://hdl.handle.net/10.1080/00036846.2021.1988890
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    Citations

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    Cited by:

    1. Karl-Friedrich Israel & Tim Florian Sepp & Nils Sonnenberg, 2023. "The Effects of Unconventional Monetary Policy on Stock Markets and Household Incomes in Japan," Post-Print halshs-04024219, HAL.
    2. Israel, Karl-Friedrich & Sepp, Tim Florian & Sonnenberg, Nils, 2023. "The effects of unconventional monetary policy on stock markets and household incomes in Japan," Working Papers 177, University of Leipzig, Faculty of Economics and Management Science.
    3. Sepp, Tim Florian & Israel, Karl-Friedrich & Treitz, Benjamin & Hartl, Tom, 2024. "Monetary policy and bank-type resilience in Germany from 1999 to 2022," Working Papers 181, University of Leipzig, Faculty of Economics and Management Science.

    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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