일본에서 자산가격 변동과 소비
Volatility of Asset Price and Consumption in Japan
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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.중요어: 부의효과, 항상소득가설, 생애주기 가설 wealth effect, permanent income hypothesis, life cycle hypothesis
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