The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits
利用日本公共养老金发放频率变化（从季度改为隔月）带来的可预测收入波动，结合月度家庭面板数据，检验生命周期/永久收入假说，发现消费对季度养老金收入有显著反应，且不能用流动性约束或预防性储蓄解释。
Japanese public pension benefits, which were distributed quarterly through February 1990 and every other month since then, induce substantial but predictable income fluctuations. The relative magnitude of the payments combined with the delay between payments yields a stronger test of the Life-Cycle/Permanent Income Hypothesis than in prior studies. Applying two identification strategies to monthly household panel data, we find that consumption significantly responds to quarterly benefit receipt. Additional analysis suggests that our findings cannot be explained by either liquidity constraints or precautionary savings motives.