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菅 史彦, Impact of Real Asset Price Bubble on Household Resource Allocation and Utility over a Lifecycle, The Econometric Society 2019 Asia Meeting, 2019.06, This study estimates the impact of the dramatic changes in housing prices during Japan’s bubble from the late 1980s to the 1990s on households’ asset accumulation and utility over their life cycle. We construct a life-cycle model explaining households’ consumption/saving and housing decisions under collateral and borrowing constraints. We estimate this model using data from the Family Income and Expenditure Survey (FIES), which includes data on households’ housing wealth estimated from objective information. Using the estimated model, we then conduct a counterfactual simulation in which we assume that housing prices remained constant during the bubble period. Doing so allows us to quantify the gains/losses of lifetime utility due to the housing price boom and bust. We find that 72.2% of the households experienced an average decrease in lifetime utility equivalent to 5.7% of lifetime income. On average, Japan’s housing price boom and bust caused a loss in lifetime utility equivalent to 4.7% of lifetime income. Moreover, we compare the impact of the housing price bubble across cohorts and find that the impact was greatest for those who experienced the bubble at ages 35–45.. |
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菅 史彦, The Returns to Postgraduate Education in Japan, Asian and Australasian Society of Labour Economics 2018 conference, 2018.12, Using three household surveys, the Japanese Panel Survey of Consumers (JPSC), the Working Person Survey (WPS) and the Survey of Adult Skills (PIAAC), this study estimates the returns to postgraduate education in Japan, considering potential self-selection bias. To mitigate the bias, workers’ undergraduate majors, types of university and level of cognitive skills are controlled for. These factors explain 6.3 to 29.2% of the postgraduate wage premium for women but at most 10.9% for men. Even after controlling for these factors, the postgraduate wage premium remains positive and significant, ranging from 16.5 to 23.7% for men and 13.5 to 26.4% for women.. |
