We present a new comprehensive and consistent set of public transfer accounts disaggregated by age and by major government programs that spans from 1950 to 2020. Based on these public transfer accounts, we find that except for some programs, particularly social health insurance and old-age...

This paper investigates empirically why Japan’s household savings rate fell in the 1990s. We constructed an economic model consisting of two types of household: unconstrained life-cycle households and liquidity-constrained households. Unconstrained households generally save, but...