Income Variability and Consumption-A Full Consumption Insurance Test Using Japanese Micro Data in the 1990s (in Japanese)

Satoshi Shimizutani

Economic Analysis, 2003, vol. 169, 52-68

Abstract: Using micro-level data from the Family Income and Expenditure Survey, this study tests the full consumption insurance hypothesis and quantifies the sources of insurance. The consumption full insurance hypothesis is strongly rejected for both total consumption and consumption by type of goods, which implies that Japanese households fail to smooth consumption. However, the deviation from full insurance is small. Saving is responsible for a larger part of change in head of household income.

Date: 2003
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