中文摘要
我分析了20世纪20年代初大阪的工厂工人家庭,以考察特质性收入冲击与消费。利用家庭层面的月度面板数据集,我发现尽管当时的家庭无法完全应对特质性收入冲击,但它们在经济困难时期缓解了必要消费的波动。在风险应对机制方面,我发现提示性证据表明,储蓄机构有助于减轻脆弱性,并且在储蓄较少的家庭中,使用借贷机构与调整劳动供给均可作为风险应对策略。
Abstract
I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive evidence that savings institutions helped mitigate vulnerabilities and that both using borrowing institutions and adjusting labor supply served as risk-coping strategies among households with less savings.