Dependent variable: Consumption (expenditure) and the subcategories in real term over 6 months

Independent variables: Cohort dummies (12), Month dummies (12), Age to the fifth power, Prefecture dummies (47)

Occupation dummies (9), Industry dummies (11), Firm size dummies (9), #adults, #children,

Houseowner dummy, Employed dummy, annual income

Year 1991 dummy * cohort dummies (12), Year 1992 dummy * cohort dummies (12),

Year 1993 dummy * cohort dummies (12)

Estimation period: 1984-1993 (Panels starting between January and July only)

(1) Level estimation

Total	Total exc. Durables	Durables	Semi durables	Non durables	Services
Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.
Cohort2	18251.63	34063.02	*	11919.94	24273.28	10629.06	7067.738	-10121.75	8090.045	12053.53	7299.831	*	9627.668	19074.63
Cohort3	-77884.14	42357.42	-26337.1	30183.87	8908.834	8788.746	-21621.55	10059.99	**	27793.88	9077.353	***	-41187.81	23719.34	*
Cohort4	-57301.74	49170.02	-20005.06	35038.52	25654.75	10202.29	**	-23343.27	11677.99	**	29061.63	10537.32	***	-31604.98	27534.27
Cohort5	-75730.17	53910.84	-83374.34	38416.82	**	31648.18	11185.97	***	-40917.86	12803.95	***	20376.14	11553.29	*	-86885.32	30189.03	***
Cohort6	-8921.595	56951.65	-59158.89	40583.71	38672.74	11816.9	**	-53023.11	13526.15	***	29860.83	12204.95	**	-63426.95	31891.83	**
Cohort7	-119776.7	59489.99	**	-90280.3	42392.53	**	39512.03	12343.58	***	-71825.14	14129.01	***	43694.36	12748.93	***	-92326.15	33313.25	***
Cohort8	-189553.4	62039.31	***	-131596.1	44209.17	***	42507.39	12872.54	***	-80198.19	14734.48	***	37782.88	13295.26	***	-123824.3	34740.82	***
Cohort9	-216919.4	64769.71	***	-161681.5	46154.85	***	43559.61	13439.07	***	-94634.39	15382.95	***	33228.02	13880.39	**	-141316.5	36269.79	***
Cohort10	-217109.8	68685.17	***	-158243.3	48945	***	53112.64	14251.49	***	-101894.3	16312.89	***	40373.06	14719.49	***	-139067.1	38462.38	***
Cohort11	-264892.6	75423.42	***	-190286.2	53746.68	***	67421.6	15649.61	***	-101966.1	17913.24	***	41517.8	16163.52	**	-172863.6	42235.67	***
Cohort12	-396624.6	112072.1	***	-251678.7	79862.5	***	66228.62	23253.85	***	-104740.5	26617.38	***	27991.11	24017.47	-227998.5	62758.22	***
Age	-708957.4	239832.6	***	-673681.9	170904.5	***	-1684.755	49762.89	-48290.36	56960.79	-278117.1	51397.02	***	-360412.8	134301.6	***
Age^2	24903.82	10357.96	**	26591.58	7381.077	***	3421054	2149.175	1818.626	2460.04	12105.43	2219.75	***	12945.03	5800.261	**
Age^3	-393.6539	216.6142	*	-494.3757	154.3591	***	-1259884	44.9453	-33.04476	51.44637	-246.6037	46.42123	***	-217.3129	121.2998	*
Age^4	2.740527	2.195055	4.375516	1.564194	***	0.0316843	0.455452	0.2754863	0.5213305	2.408182	0.4704084	***	1.700609	1.229188
Age^5	-0.0064238	0.008637	-0.014978	0.0061548	**	-0.000229	0.001792	-0.0008546	0.0020513	-0.009139	0.001851	***	-0.004989	0.0048366
Year1991*Cohort1	-23364.17	84260.09	-17016.63	60043.67	26297.2	17483.13	-19729.65	20011.96	51076.66	18057.25	***	-57648.14	47184.03
Year1991*Cohort2	-19938.92	53678.79	-59927.45	38251.47	-8550.207	11137.82	-24844.52	12748.84	*	7445.278	11503.56	-17982.9	30059.09
Year1991*Cohort3	68528.35	42711.93	30624.42	30436.49	-499.9569	8862.303	-10290.16	10144.18	-8370.196	9153.326	65402.68	23917.86	***
Year1991*Cohort4	-21526.41	33308.04	3559.015	23735.29	-355.5576	6911.089	4347.992	7910.736	8930.392	7138.037	-12749.44	18651.86
Year1991*Cohort5	-35902.92	30720.28	4032.526	21891.25	5052.794	6374.154	-9886.957	7296.138	6872.28	6583.471	23787.18	17202.77
Year1991*Cohort6	-167607.2	29695.07	***	-96872.42	21160.69	***	4239.128	6161.433	-17450.05	7052.648	**	-19057.72	6363.764	***	-73888.82	16628.67	***
Year1991*Cohort7	71870.75	29139.04	**	10981.35	20764.46	2846.364	6046.063	-25523.1	6920.59	***	-14384.89	6244.605	**	46098.98	16317.3	***
Year1991*Cohort8	-52738.8	26484.05	**	-23481.81	18872.52	6078.942	5495.179	-21033.26	6290.024	***	-6022.93	5675.631	-1993.001	14830.56
Year1991*Cohort9	-58913.71	28171.85	**	-19107.53	20075.24	5910.116	5845.38	-7048.346	6690.88	-757.6445	6037.333	-8147.983	15775.7
Year1991*Cohort10	-88167.75	32926.06	***	-55918.5	23463.08	**	234.6383	6831.831	-14299.22	7820.015	*	-18972.12	7056.177	***	-20184.04	18437.96
Year1991*Cohort11	3317.325	47727.7	-9160.025	34010.72	1055.593	9903.025	-9347.907	11335.44	-1197.947	10228.22	6403.257	26726.59
Year1991*Cohort12	5692.526	109823.9	-6194.265	78260.4	10669.69	22787.36	-16047.1	26083.42	-14548.69	23535.66	30402.18	61499.25
Year1992*Cohort1	-61934.92	88275.35	23786.08	62904.95	4614.38	18316.26	-8570.34	20965.6	75794.98	18917.74	***	-30128.62	49432.5
Year1992*Cohort2	-101514.8	57355.73	*	-56313.87	40871.65	-7680.287	11900.75	-20899.74	13622.12	4562.474	12291.55	-45558.47	32118.11
Year1992*Cohort3	68088.9	44629.98	39053.35	31803.29	5192.624	9260.28	-2466.749	10599.72	16421.79	9564.372	*	36483.76	24991.93
Year1992*Cohort4	-74921.