Standard money-in-utlity dynamic models assume satiable liquidity preference, and thereby prove the existence of a full employment steady state. Using the same model, Ono (1994) shows that under insatiable liquidity preference there is a case where a full employment steady state does not exist...

Using a dynamic optimization model with status preference this paper shows that depending on the object of people's status preference an economy exhibits a completely opposite performance; permanent growth or persistent stagnation. If the object is a producible asset (viz. real capital), new...

Standard money-in-utlity dynamic models assume satiable liquidity preference, and thereby prove the existence of a full employment steady state. Using the same model, Ono (1994) shows that under insatiable liquidity preference there is a case where a full employment steady state does not exist...

Using a dynamic optimization model with status preference this paper shows that depending on the object of people's status preference an economy exhibits a completely opposite performance; permanent growth or persistent stagnation. If the object is a producible asset (viz. real capital), new...

In this paper, we analyze a variety of data on saving motives, bequest motives, and bequest division from the "Comparative Survey of Savings in Japan and the United States", a binational survey conducted in 1996 by the Institute for Posts and Telecommunications Policy of the Ministry of Posts...

In this paper, we conduct a U.S.- Japan comparison of the importance of retirement saving and of the determinants thereof using micro data from the "U.S.- Japan Comparison Survey of Saving," a binational household survey conducted in 1996 by the Institute for Posts and Telecommunications Policy...

We project the future trends of the japanese saving rates with special emphasis on an analysis of the consumption and saving behavior of the household sector. Notable feature of our modeling is that savings are divided into financial and real savings components. This approach is useful since the...

This paper develops a model of luxury goods by incorporating weakly non-separable, recursive preferences. In a two-good framework, a quasi-luxury is de ned as a good whose marginal rate of substitution is increasing in wealth. Under certain conditions, it is identical to a luxury good. Consumers...

This paper estimates the contribution of net saving for each of twelve motives to overall household saving in Japan using micro data from Japanese Government survey and finds that the net saving for the retirement and precautionary motives, both of which are consistent with the life-cycle model,...