Consumption behaviors and real exchange rates (relative prices)
| Project/Area Number |
17K03796
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Tohoku University |
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Principal Investigator |
Nagayasu Jun 東北大学, 経済学研究科, 教授 (30375422)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2017: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 消費行動 / 実質為替レート / 相対価格 / バカス・スミスパズル / ミクロデータ / 日本 / 国際金融 / 為替レート / 貿易財と非貿易財 / 代替性 / 購買力平価 / 同時点間代替性 / 貿易財 / 非貿易財 |
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| Outline of Final Research Achievements |
We have studied consumption patterns and relative prices using Japan’s household data. First, we find the very low elasticity of intra-temporal substitution (EIS) between tradable and nontradable goods, in line with Backus-Smith puzzle (1993) that states the nontradable sector and low substitution between these goods are the reasons for non-conformance to the purchasing power parity theory. Instead of relative prices, social factors such as age and family size are found to be more directly associated with consumers’ allocation of goods and services. Similarly, residential choice and the timing of relocation are found to be influenced by socioeconomic backgrounds of households. The probability of homeownership is higher in rural areas and increases with age of household heads, financial wealth, and family size. Based on these findings, we conclude that prices are less decisive factors in determining consumption behaviors than what the standard economic theories predict.
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| Academic Significance and Societal Importance of the Research Achievements |
経済活動の中でも大きな割合を占める個人消費の理解を深めることは、経済が低迷している我が国において極めて重要な研究テーマの一つである。経済学では一般的に経済消費パターンは価格（または相対価格）による影響が大きいと考えられている。これに反し、ミクロデータを分析した本研究は、経済変数である価格より家計の家族構成、世帯主の性別や年齢、居住地など社会的変数の方が重要であることを実証している。これは、国内消費を活性化させる方策は経済だけでない包括的な視点から検討することが必要であることを示唆する。
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Report
(4 results)
Research Products
(12 results)
