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An Empirical Re-Evaluation of Wealth Effect in Japanese Household Behavior

Author

Listed:
  • Ogawa, K.
  • Kitasaka, S.I.
  • Yamaoka, H.
  • Iwata, Y.

Abstract

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Suggested Citation

  • Ogawa, K. & Kitasaka, S.I. & Yamaoka, H. & Iwata, Y., 1995. "An Empirical Re-Evaluation of Wealth Effect in Japanese Household Behavior," ISER Discussion Paper 0382, Institute of Social and Economic Research, Osaka University.
  • Handle: RePEc:dpr:wpaper:0382
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    References listed on IDEAS

    as
    1. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
    2. Zeldes, Stephen P, 1989. "Consumption and Liquidity Constraints: An Empirical Investigation," Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 305-346, April.
    3. Ogawa, Kazuo, 1990. "Cyclical variations in liquidity-constrained consumers: Evidence from macro data in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 4(2), pages 173-193, June.
    4. Horioka, Charles Yuji, 1996. "Capital Gains in Japan: Their Magnitude and Impact on Consumption," Economic Journal, Royal Economic Society, vol. 106(436), pages 560-577, May.
    5. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, June.
    6. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters,in: A Theory of the Consumption Function, pages 1-6 National Bureau of Economic Research, Inc.
    7. Mishkin, Frederic S, 1976. "Illiquidity, Consumer Durable Expenditure, and Monetary Policy," American Economic Review, American Economic Association, vol. 66(4), pages 642-654, September.
    8. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
    9. Dekle, Robert, 1994. "Market value estimates of Japanese saving and comparisons with the U.S.: can the capital gains to land be included in 'saving?'," Japan and the World Economy, Elsevier, vol. 6(1), pages 27-44.
    10. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
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    Citations

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    Cited by:

    1. Sousa, Ricardo M., 2009. "Wealth effects on consumption: evidence from the euro area," Working Paper Series 1050, European Central Bank.
    2. repec:eee:touman:v:33:y:2012:i:5:p:1141-1147 is not listed on IDEAS
    3. Albert Ando & Dimitrios Christelis & Tsutomu Miyagawa, 2003. "Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan," NBER Chapters,in: Structural Impediments to Growth in Japan, pages 155-190 National Bureau of Economic Research, Inc.
    4. Charles Grant & Tuomas Peltonen, 2005. "Housing and Equity Wealth Effects of Italian Households," DNB Working Papers 043, Netherlands Central Bank, Research Department.
    5. Ogawa, Kazuo & Wan, Junmin, 2007. "Household debt and consumption: A quantitative analysis based on household micro data for Japan," Journal of Housing Economics, Elsevier, vol. 16(2), pages 127-142, June.
    6. Peltonen, Tuomas A. & Sousa, Ricardo M. & Vansteenkiste, Isabel S., 2012. "Wealth effects in emerging market economies," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 155-166.
    7. Nathalie Girouard & Sveinbjörn Blöndal, 2001. "House Prices and Economic Activity," OECD Economics Department Working Papers 279, OECD Publishing.
    8. Muellbauer, John & Murata, Keiko, 2009. "Consumption, Land Prices and the Monetary Transmission Mechanism in Japan," CEPR Discussion Papers 7269, C.E.P.R. Discussion Papers.
    9. Xiaohui Liu & Chang Shu, 2004. "Consumption and stock markets in Asian economies," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(4), pages 483-496.
    10. Nikolaos Sariannidis, 2011. "Stock, Energy and Currency Effects on the Asymmetric Wheat Market," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(2), pages 181-192, May.
    11. repec:kap:iaecre:v:17:y:2011:i:2:p:181-192 is not listed on IDEAS
    12. Masaya Sakuragawa, "undated". "Bubble cycle," Working Papers e55, Tokyo Center for Economic Research.
    13. Maki, Atsushi, 2006. "Changes in Japanese household consumption and saving behavior before, during and after the Bubble era: empirical analysis using NSFIE micro-data sets," Japan and the World Economy, Elsevier, vol. 18(1), pages 2-21, January.
    14. Ricardo M. Sousa, 2003. "Property of stocks and wealth effects on consumption," NIPE Working Papers 2/2003, NIPE - Universidade do Minho.
    15. Hori, Masahiro & Niizeki, Takeshi, 2017. "Housing Wealth Effects in Japan: Evidence Based on Household Micro Data," HIT-REFINED Working Paper Series 69, Institute of Economic Research, Hitotsubashi University.

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    Keywords

    WEALTH; HOUSEHOLD;

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