Taking advantage of annual panel data on farm households collected by the Statistical Survey on Farm Management and Economy, this paper investigates whether a retirement consumption puzzle can be observed in Japan and, given that this is the case, what the reasons are. Our long-run panel data...

This paper tries to quantitatively examine the impact of intergenerational transfers on asset inequality among Japanese households. For that purpose, we estimate an intergenerational asset transfer function with various control variables, using a unique micro dataset taken from the "Household...

Despite the prolonged recession and sizable environmental changes after the burst of the Japanese economic bubble, a drastic degeneration has not been seen, either in seniority-based wages or in Japan's practice of lifetime employment, in the previous studies analyzing the negative impact of...

This paper examines the factors that lie behind the intergenerational transfers (through bequests andeducational investment) and retirement allowances in Japan. It is based on our unique microdatataken from the "Survey of Family Relationship, Job Experience, and Intergenerational...

Economists unanimously agree that economic agents' expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational, leaving unexamined the fundamental question whether individual agents' actual...

Using micro-data from the Japanese Panel Survey of Consumers (JPSC), this paper analyzed an impact of macroeconomic conditions at graduation on the future job opportunities of female workers in Japan. More specifically, we examined whether the failure of obtaining a regular job at the time of...

This study estimates average expenditures on children by families in Japan on the basis of the rich information about household expenditures and demographics obtained from the Family Income and Expenditure Survey. We show that the total expenditure on the first child accumulated from birth...

Exploiting an ideal experiment situation, this paper provides clear evidence of consumption smoothing against an anticipated income change. Until FY2002, Japanese public employees received large and predictable bonus payments three times a year, but the third bonus in March was abolished in...

This paper describes the basic structure and multipliers of the revised version of the CAO Short-Run Macroeconometric Model of the Japanese Economy, which was firstly released in 1998 (Hori et al. [1998]). The model is basically a demand-oriented, traditional Keynesian-type model with IS-LM-BP...

This paper describes the tentative structure and multipliers of the revised version of the EPA Short-Run Macroeconometric Model of the Japanese Economy, which was released in 1998 (Hori et al. [1998]). The model is basically a demand-oriented, traditional Keynesian-type model with IS-LM-BP...