Hori, Masahiro; Shimizutani, Satoshi - In: Journal of the Japanese and International Economies 26 (2012) 3, pp. 405-433
This paper provides new evidence of consumers’ reaction to an anticipated sizable change in income. Until FY2002, Japanese public employees received predictable large bonus payments three times a fiscal year (in June, December, and March), but the March bonus was abolished in FY2003. We...
