2005 Fiscal Year Final Research Report Summary
Econometric Models and Methods for Project Evaluation
| Project/Area Number |
16530174
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic policy
|
|---|
| Research Institution | Hitotsubashi University |
|---|
Principal Investigator |
II Masako Hitotsubashi University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (50272787)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
NAWATA Kazumitsu The University of Tokyo, School of Engineering, Professor, 大学院・工学系研究科, 教授 (00218067)
SAWADA Yasuyuki The University of Tokyo, Graduate School of Economics, Associate Professor, 大学院・経済学研究科, 助教授 (40322078)
|
|---|
| Project Period (FY) |
2004 – 2005
|
| Keywords | micro-data / Japanese households / female labor participation / Heckman's two-step estimator / simultaneous maximum likelihood estimator / risk-coping strategies / liquidity constraints / wage equation |
|---|
| Research Abstract |
In this research project, we analyzed Japanese household micro-data by econometric models. First, we analyzed the decision of the Japanese married female whether she would attend the labor market or not. Econometric models consisting of female labor participation and wage equations were widely used and many empirical researches were done as early as Gronau (1973) and Heckman (1976,1979). As widely known, wages of women are not observed unless they are working. Therefore, the problems of sample selection biases must be considered in estimations of the model. However, conventional estimation methods, such as Heckman's two step method, have not been sufficiently examined and therefore may result in misleading policy implications. In this project, the Japanese married female labor participation and wage equations were estimated by the conventional methods and by a newly proposed simultaneous maximum likelihood method using the "Japanese Panel Survey of Consumers" by the Institute of Household Economy.
Secondly, using the panel of household data obtained from "Japanese Panel Survey of Consumers", we examined how households coped with liquidity constraints. We adopt the econometric framework from Dynan (1993) and estimated Euler's equations of household consumption for two types of households ; that is one was facing the liquidity constraints and other was not facing the liquidity constraints. The Type 5 Tobit model was used in the analysis. We found that the households with the liquidity constraints had stronger precautionary motives for saving than those without the liquidity constraints.
For analyzing the micro-data of households, we developed several new econometric methods and models were developed in this project. These methods and models could be used problems other than the analysis of households. We also did several applied research works in the deeply related areas using the methods and models developed in this project.
|
Research Products
(18 results)
