Consumption Smoothing in the Working-Class Households of Interwar Japan

Kota Ogasawara

The Journal of Economic History, 2024, vol. 84, issue 1, 111-148

Abstract: I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive evidence that savings institutions helped mitigate vulnerabilities and that both using borrowing institutions and adjusting labor supply served as risk-coping strategies among households with less savings.

Date: 2024
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