Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Axinn says data show incidents of sexual assault start at 'very young age'

Miech on 'generational forgetting' about drug-use dangers

Impacts of H-1B visas: Lower prices and higher production - or lower wages and higher profits?

More News

Highlights

Call for papers: Conference on computational social science, April 2017, U-M

Sioban Harlow honored with 2017 Sarah Goddard Power Award for commitment to women's health

Post-doc fellowship in computational social science for summer or fall 2017, U-Penn

ICPSR Summer Program scholarships to support training in statistics, quantitative methods, research design, and data analysis

More Highlights

Next Brown Bag

Mon, Feb 13, 2017, noon:
Daniel Almirall, "Getting SMART about adaptive interventions"

Melvin Stephens, Jr photo

The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits

Publication Abstract

Stephens, Melvin, and Takashi Unayama. 2011. "The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits." American Economic Journal: Applied Economics, 3(4): 86-118.

Japanese public pension benefits, which were distributed quarterly through February 1990, and every other month since then, induce substantial but predictable income fluctuations. The relative magnitude of the payments combined with the delay between payments yields a stronger test of the Life-Cycle/Permanent Income Hypothesis than in prior studies. Applying two identification strategies to monthly household panel data, we find that consumption significantly responds to quarterly benefit receipt. Additional analysis suggests that our findings cannot be explained by either liquidity constraints or precautionary savings motives.

DOI:10.1257/app.3.4.86 (Full Text)

Country of focus: Japan.

Browse | Search : All Pubs | Next