Understanding Saving - Evidence from the United States & Japan

Preface ix I Liquidity Constraints 3(172) 1 Introduction to Parts I and II: A Review of Empirical Studies of Household Saving 3(26) 2 The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables 29(28) Addendum to Chapter 2: Estimation Using Updated Data 53(4) 3 The Effect of Liquidity Constraints on Consumption: A Cross-Sectional Analysis 57(24) 4 The Permanent Income Hypothesis and Consumption Durability: Analysis Based on Japanese Panel Data 81(34) Addendum to Chapter 4: Consumption Growth Equation for Food 111(4) 5 Testing the Life Cycle--Permanent Income Hypothesis on Japanese Monthly Panel Data 115(26) 6 Tests for Liquidity Constraints: A Critical Survey and Some New Observations 141(34) II Risk Sharing and Altruism 175(114) 7 Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data 175(34) 8 Is the Japanese Extended Family Altruistically Linked? A Test Based on Engel Curves 209(32) 9 Risk Sharing between and within Families 241(48) III Japanese Saving Behavior 289(214) 10 Introduction to Part III: A Review of Recent Literature on Japanese Saving 289(42) 11 Why Is Japan's Saving Rate So Apparently High? 331(76) Addendum to Chapter 11: An Update of Data Appendix 391(16) 12 Life Cycle and Bequest Savings: Evidence from a Large Cross-Section of Japanese Households 407(70) 13 Housing Finance Imperfections and Private Saving: A Simulation Analysis 477(26) Index 503