Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/235715 
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 173
Publisher: 
Universität Leipzig, Wirtschaftswissenschaftliche Fakultät, Leipzig
Abstract: 
This paper analyzes the impact of monetary policy on household saving in Japan between 1993 and 2017. Using annual data from the Japan Panel Survey of Consumers it is shown that monetary expansion has contributed to a widening gap in households' net saving through an adverse effect on the volume of saving of non-academic households. In contrast, households with at least one academic tend to be able to compensate these adverse effects of monetary expansion or can even benefit from it. The paper documents how inequality in terms of the ability to build up wealth has increased in Japan over the past decades. The statistical analysis controls for household size as well as potential spatial effects in the transmission mechanism of monetary policy on household saving.
Subjects: 
Japan
interest rate
monetary policy
household saving
inequality
JEL: 
D31
D63
E52
E58
Document Type: 
Working Paper

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