Iwaisako, Tokuo; Okada, Keiko - East Asian Bureau of Economic Research (EABER) - 2010
The decline in Japan's household saving rate accelerated sharply after 1998, but then decelerated again from 2003. Such … nonlinear movement in the saving rate cannot be explained by the monotonic trend of population aging alone. According to the … life cycle model of consumption and saving, population aging will increase short-run fluctuations in the saving rate …