Evidence from the United States and Japan
By (author) Fumio Hayashi
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Understanding Savings by Fumio Hayashi
Book DescriptionAnalysis of consumption and saving decisions by households has always been one of the most active areas of research in economics--and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making.Understanding Saving collects eleven papers by economist Fumio Hayashi, along with two previously unpublished chapters, for a total of thirteen chapters. The monograph, which brings together Hayashi's empirical research on saving, is divided into three sections. Part I, "Liquidity Constraints", contains five studies that test the well-known implication of the Life Cycle-Permanent Income hypothesis that households shield consumption from income fluctuations. Part II, "Risk-Sharing and Altruism", contains three papers that examine the interactions between related and unrelated households predicted by the hypothesis for the US and Japanese households. The three papers in Part III, "Japanese Saving Behavior", present the author's explanation of the high saving rate in postwar Japan.
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Book DetailsISBN: 9780262082556
(229mm x 152mm x 33mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 29-Aug-1997
Country of Publication: United States
Books By Author Fumio Hayashi
Structural Impediments to Growth in Japan, Hardback (December 2003)
A team of notable editors and contributors present nine papers offering a comprehensive assessment of the long economic stagnation in Japan and the long-term challenges ahead.
Econometrics, Hardback (October 2000)» View all books by Fumio Hayashi
Introducing first year PhD students to standard graduate econometrics material, this work covers the standard material necessary for understanding the principal techniques of econometrics from ordinary least squares through cointegration. It is useful for those who intend to write a thesis on applied topics and also for the theoretically inclined.
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