In this paper, we develop a new model that explicitly considers two endogenous consumption items and investigates its applicability to consumption-capital asset pricing model (C-CAPM) by testing it with various sets of instruments. We found that our model is not rejected with reasonable values...

This paper makes a comparative analysis of the micro-data, the 'Family Income and Expenditure Survey' (FIES) and the 'National Survey of Family Income and Expenditure (NSFIE) data, with the macro-data, the 'System of National Accounts' (SNA), figures for the Japanese household sector. The...

This paper focuses on the existence of liquidity constraints on housing purchases by Japanese households. In order to assess the impact of liquidity constraints, the author analyzes the housing purchase behavior of worker households which rent and in which the household head was under the age of...

In many countries we observe a gap between macroeconomic and microeconomic statistics. In order to explain the underreporting observed in microeconomic statistics, the present paper tests the misreporting hypothesis through the double hurdle model. The misreporting hypothesis is based on some...

In Japan in the 1950s and 1960s the economic objectives for consumers, corporations and the government coincided. Consumers wanted to improve their standard of living, corporations tried to increase their productivity through modernisation and industrialisation and the government attempted to...