| Project/Area Number |
14530046
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済政策(含経済事情)
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| Research Institution | Yokohama National University |
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Principal Investigator |
II Masako Yokohama National University, International Graduate School of Social Sciences, Associate Professor, 国際社会科学研究科, 助教授 (50272787)
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| Co-Investigator(Kenkyū-buntansha) |
SAWADA Yasuyuki University of Tokyo, Graduate School of Economics, Associate professor, 大学院・経済学研究科, 助教授 (40322078)
NAWATA Kazumitsu University of Tokyo, Graduate School of Engineering, professor, 大学院・工学研究科, 教授 (00218067)
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| Project Period (FY) |
2002 – 2003
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| Project Status |
Completed (Fiscal Year 2003)
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| Budget Amount *help |
¥2,800,000 (Direct Cost: ¥2,800,000)
Fiscal Year 2003: ¥1,500,000 (Direct Cost: ¥1,500,000)
Fiscal Year 2002: ¥1,300,000 (Direct Cost: ¥1,300,000)
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| Keywords | Female labor participation / Wage equation / Japanese female / Heckman's two-step estimator / Simultaneous maximum likelihood estimator / Credit crunch / Consumption Euler equation with endogenous credit constraints |
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| Research Abstract |
Econometric models of female labor participation and wage equations have been used extensively. Sample selection biases in the estimations of such models must be taken into account since women's wages cannot be observed unless they are working. Conventional estimation methods have not been sufficiently examined and may, therefore, result in misleading policy implications. This paper estimates labor participation and wage equations of Japanese married women through conventional methods, and for the first time, through a new, efficient, simultaneous maximum likelihood estimator that uses data from the "Japanese Panel Survey of Consumers" conducted by the Institute of Household Economy.
We also investigate hoe the credit crunch in Japan affected household welfare. The theoretical framework of a consumption euler equation is augmented by adding endogenous credit constraints With household panel data for 1993-1999, we estimate the augmented Euler equation by using Amemiya (1985)'s Type 5 Tobit model. Several empirical findings emerge. First, we found that a non-negligible portion of people face credit constraints. Accordingly, our results reject the standard consumption Euler equation, i.e., the necessary condition of the life-cycle permanent income hypothesis. Second, by using data in 1993 when an indicator of credit constraint is available, we confirm that endogeneity of credit constraint is available, we confirm that endogeneity of credit constraints generates a serious bias in estimating consumption Euler equation. Maximum likelihood estimation results support our framework of Euler equation with endogenous credit constraints. Finally, analyses of the full data for 1993-1999 uncover that the credit crunch became serious especially after 1997.
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