Table 1: Summary Statistics

Panel Period	Consumption	Durables	Semi Durables	Non Durables	Services	Head's earning	Head's age
January-June (N=7,815)	275,443 (220,276)	17,705 (116,885)	35,363 (54,152)	112,244 (43,521)	110,132 (135,760)	347,682 (336,017)	44.2 (8.9)
February-July (N=7,943)	279,398 (241,766)	19,863 (132,545)	35,175 (54,497)	113,459 (43,022)	110,901 (152,084)	375,819 (382,764)	44.3 (9.0)
March-August (N=7,978)	283,656 (226,276)	19,674 (124,530)	35,668 (59,111)	114,956 (44,392)	113,358 (137,727)	385,744 (387,486)	44.0 (8.8)
April-September (N=7,894)	275,629 (225,735)	18,168 (122,847)	33,279 (58,632)	113,195 (44,139)	110,987 (137,444)	376,081 (383,162)	44.1 (9.0)
May-October (N=8,014)	272,329 (207,669)	18,134 (118,342)	32,616 (50,383)	113,266 (43,623)	108,314 (122,137)	382,901 (382,744)	44.1 (9.0)
June-November (N=7,962)	273,852 (236,688)	19,509 (136,482)	32,687 (49,655)	112,004 (43,006)	109,651 (145,520)	377,743 (376,912)	44.2 (9.0)
July-December (N=8,036)	289,440 (228,308)	19,478 (121,447)	36,494 (55,757)	119,743 (49,701)	113,724 (140,915)	410,013 (443,291)	44.2 (8.8)
August-January (N=7,162)	285,647 (234,772)	19,644 (134,795)	36,707 (58,138)	118,643 (48,910)	110,654 (136,175)	399,575 (422,657)	44.3 (8.9)
September-February (N=7,206)	280,407 (228,513)	17,798 (119,044)	36,250 (61,869)	116,378 (47,674)	109,981 (143,066)	398,109 (419,755)	44.3 (8.9)
October-March (N=6,866)	287,874 (235,703)	19,271 (125,897)	39,226 (68,797)	118,309 (49,529)	111,068 (141,788)	393,945 (420,759)	44.1 (8.9)
November-April (N=7,003)	288,121 (236,818)	19,498 (120,536)	38,363 (57,290)	117,767 (48,485)	112,493 (150,974)	397,594 (415,432)	44.1 (9.0)
December-May (N=6,990)	291,512 (250,677)	20,358 (134,492)	38,607 (55,722)	119,743 (48,985)	112,804 (159,744)	397,297 (411,024)	44.0 (8.9)

Note: Unit of observation is a household. Standard errors are in parentheses. Consumption (total and type of goods and services) and head of household earnings refer to average monthly consumption in current yen. The average of number of family members is 3.7 with standard error of 1.2 for all panels.

Table 2: Test of Full Insurance Hypothesis [Dynarski/Gruber Specification] (Levels)

PanelPeriod	Total Cons.	Durables	Semi Durables	Non Durables	Services	PanelPeriod	Total Cons.	Durables	Semi Durables	Non Durables	Services
All samples	0.042(0.001)	0.008(0.001)	0.010(0.0002)	0.010(0.0001)	0.014(0.001)	July-December	0.048(0.004)	0.006(0.003)	0.012(0.001)	0.008(0.001)	0.022(0.003)
Number of Obs.	454,340	454,340	454,340	454,340	454,340	Number of Obs.	40,180	40,180	40,180	40,180	40,180
R² (adjusted)	0.02	0.00	0.02	0.20	0.00	R² (adjusted)	0.03	0.00	0.03	0.21	0.01
s.e.e.	2.5e+05	1.6e+5	62,668	31,700	1.6e+5	s.e.e.	2.6e+05	1.7e+5	63,406	34,868	1.7e+5
January-June	0.031(0.005)	0.009(0.003)	0.010(0.001)	0.004(0.001)	0.009(0.003)	August-January	0.057(0.004)	0.013(0.003)	0.013(0.001)	0.011(0.001)	0.019(0.002)
Number of Obs.	39,075	39,075	39,075	39,075	39,075	Number of Obs.	35,810	35,810	35,810	35,810	35,810
R² (adjusted)	0.02	0.00	0.02	0.04	0.01	R² (adjusted)	0.05	0.00	0.04	0.36	0.01
s.e.e.	2.6e+05	1.7e+5	67,481	30,144	1.7e+5	s.e.e.	2.8e+05	1.9e+5	70,100	37,650	1.7e+5
February-July	0.016(0.004)	0.003(0.0002)	0.006(0.001)	0.002(0.0004)	0.005(0.003)	September-February	0.053(0.004)	0.009(0.002)	0.012(0.001)	0.011(0.001)	0.021(0.002)
Number of Obs.	39,710	39,710	39,710	39,710	39,710	Number of Obs.	36,030	36,030	36,030	36,030	36,030
R² (adjusted)	0.01	0.00	0.01	0.05	0.00	R² (adjusted)	0.05	0.00	0.03	0.35	0.01
s.e.e.	2.9e+05	1.9e+5	64,138	29,747	2.0e+5	s.e.e.	2.7e+05	1.6e+5	75,388	38,436	1.8e+5
March-August	0.022(0.003)	0.009(0.002)	0.007(0.001)	0.003(0.0004)	0.003(0.002)	October-March	0.052(0.004)	0.007(0.002)	0.012(0.001)	0.012(0.001)	0.020(0.002)
Number of Obs.	39,890	39,890	39,890	39,890	39,890	Number of Obs.	34,330	34,330	34,330	34,330	34,330
R² (adjusted)	0.01	0.00	0.01	0.02	0.00	R² (adjusted)	0.06	0.00	0.03	0.37	0.01
s.e.e.	2.7e+05	1.7e+5	71,753	31,877	1.7e+5	s.e.e.	2.7e+05	1.7e+5	83,052	37,634	1.7e+5
April-September	0.010(0.003)	-0.001(0.020)	0.004(0.001)	0.003(0.0004)	0.003(0.002)	November-April	0.060(0.004)	0.013(0.002)	0.016(0.001)	0.011(0.001)	0.020(0.003)
Number of Obs.	39,470	39,470	39,470	39,470	39,470	Number of Obs.	35,015	35,015	35,015	35,015	35,015
R² (adjusted)	0.01	0.00	0.01	0.02	0.01	R² (adjusted)	0.06	0.00	0.05	0.38	0.01
s.e.e.	2.7e+05	1.7e+5	72,966	32,662	1.7e+5	s.e.e.	2.8e+05	1.7e+5	67,979	37,715	1.9e+5
May-October	0.027(0.003)	0.005(0.002)	0.006(0.001)	0.003(0.0004)	0.012(0.002)	December	0.046(0.005)	0.007(0.003)	0.010(0.001)	0.009(0.001)	0.020(0.004)
Number of Obs.	40,070	40,070	40,070	40,070	40,070	-May	34,950	34,950	34,950	34,950	34,950
R² (adjusted)	0.01	0.00	0.01	0.02	0.01	R² (adjusted)	0.03	0.00	0.02	0.27	0.01
s.e.e.	2.5e+05	1.7e+5	59,722	32,667	1.5e+5	s.e.e.	3.0e+05	1.9e+5	67,044	33,807	2.0e+5
June-November	0.023(0.004)	0.006(0.003)	0.005(0.001)	0.003(0.0004)	0.008(0.003)
Number of Obs.	39,810	39,810	39,810	39,810	9,810
R² (adjusted)	0.01	0.00	0.01	0.02	0.00
s.e.e.	2.9e+05	2.0e+5	58,768	31,678	1.9e+5