全球智库信息集成服务系统(G2TT): The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w16342
来源ID	Working Paper 16342
	The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits
	Melvin Stephens, Jr.; Takashi Unayama
发表日期	2010-09-09
出版年	2010
语种	英语
摘要	Japanese public pension benefits, which were distributed quarterly through February 1990 and every other month since then, induce substantial but predictable income fluctuations. The relative magnitude of the payments combined with the delay between payments yields a stronger test of the Life-Cycle/Permanent Income Hypothesis than in prior studies. Applying two identification strategies to monthly household panel data, we find that consumption significantly responds to quarterly benefit receipt. Additional analysis suggests that our findings cannot be explained by either liquidity constraints or precautionary savings motives.
主题	Macroeconomics ; Consumption and Investment ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w16342
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/574017
推荐引用方式 GB/T 7714	Melvin Stephens, Jr.,Takashi Unayama. The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits. 2010.