消費関数の構造推計―家計調査に基づく緩衝在庫貯蓄モデルと予備的貯蓄に関する実証分析―, Structural Estimation of Consumption Function -An Empirical Analysis on Precautionary Saving in a Buffer Stock Saving Model-

Naohito Abe () and Tomoaki Yamada

Economic Review, 2005, vol. 56, issue 3, 248-265

Abstract: 本論分では，ライフサイクル・予備的貯蓄モデルに基づいて，家計調査のミクロパネルデータを用い構造パラメターの推定，および異なるモデル間の Non-Nested Test を行い，日本経済における予備的貯蓄の重要性について考察した．得られた割引因子と相対的危険回避度の推定値は，それぞれ0.98，0.6程度と，経済学的に許容可能な値となった．また，推定パラメターに基づき家計貯蓄を予備的動機とライフサイクル動機に分割すると，予備的動機による貯蓄の増分は非常に大きいことにな り，2000年以降の日本の40代の家計貯蓄のうち，約40％が予備的動機であるという結果を得た．, This paper simulates a “buffer-stock” model of precautionary saving and estimates the parameters of the utility function by matching the simulated age-consumption profile with those observed in the micro-level data from the Family Income and Expenditure Survey (FIES) in Japan. Our empirical results show that with the high degree of patience (small subjective discount rate) and the low degree of risk aversion, about 40% of saving by young consumers is due to the precautionary motives.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:56:y:2005:i:3:p:248-265

DOI: 10.15057/21522

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