Food Consumption Expenditure and Habit Formation: Evidence from Japanese Household Panel Data

Koichiro Iwamoto

ESRI Discussion paper series from Economic and Social Research Institute (ESRI)

Abstract: Because habit formation among consumers preference has strong influence on policy effects, it is crucially important for public policy management. In this article, I estimate the Euler equation allowing habit formation based on Dynan (2000), using data from the Japanese Panel Survey of Consumers (JPSC) for the period 2000-2004, and compare my estimation results with those of previous studies. Like Dynan (2000) and Guariglia and Rossi (2002), my estimation results yield no evidence of habit formation. And as Guariglia and Rossi (2002), my results are consistent with the durability of consumption.

Pages: 19 pages
Date: 2011-02
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