일본에서 자산가격 변동과 소비 = Volatility of Asset Price and Consumption in Japan

다국어 초록 (Multilingual Abstract)

We examines the effect of changes in asset prices on the consumption behavior for Japanese households. The estimated long-run elasticity of consumption with respect to total asset turned out to be 0.096, which is similar to previous studies for other countries including US and Korea. We estimated a short-run consumption function based on error-correction model, where we divided the total assets into real estates and financial assets. The estimation results shows that: At first, not only financial assets but also real estates have a significant explanatory power on consumption behavior. Secondly, short-run consumption responds more sensitively to financial assets rather than real estates with a strict statistical significance. This may be show a liquidity enhancing role of financial assets. As a whole, our results for Japanese households indicates that the composition of a household assets matter for consumption behavior, which decredit the life-time hypotheses on consumption behavior.

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