(1) Level estimation

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 1997 dummy * cohort dummies (12), Year 1998 dummy * cohort dummies (12),

Estimation period: 1991-1998 (Panels starting between January and July only)

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.
Cohort3	39548.66	40215.32	47250.43	26897.2	*	779.8384	9976.551	2866.911	8301.262	20196.7	8442.158	**	14692.24	22050.45
Cohort4	-11576.79	50179.9	40407.68	33561.8	9376.973	12448.55	-10284.18	10358.15	**	36716.09	10533.96	***	-7495.785	27514.12
Cohort5	-61661.41	58428.47	11287.27	39078.7	17112.07	14494.84	-24239.42	12060.83	**	47428.73	12265.53	***	-30550.91	32036.89
Cohort6	-164093.8	64492.89	**	-81196.27	43134.76	*	20191.67	15999.29	-57856.52	13312.65	***	37972.35	13538.6	***	-90053.41	35362.07	**
Cohort7	-129883.4	68719.24	*	-87639.72	45961.47	*	13987.03	17047.76	-83024.28	14185.05	***	48205.36	14425.81	***	-85007.76	37679.42	**
Cohort8	-227130.1	72615.12	***	-109311.8	48567.14	*	16902.83	18014.24	-108942.8	14989.24	***	57885.69	15243.65	***	-80570.76	39815.56	**
Cohort9	-414174	76017.32	***	-200025	50842.64	***	12847.74	18858.25	-126120.4	15691.52	***	45581.45	15957.85	***	-137822.1	41681.03	***
Cohort10	-483772.8	80253.4	***	-264308.4	53675.85	***	18715.49	19909.13	-147226.2	16565.94	***	20075.93	16847.11	-150759.6	44003.71	***
Cohort11	-449560.9	85611.32	***	-267436.3	57259.39	***	29192.8	21238.31	-157610.7	17671.92	***	20991.11	17971.86	-132218.9	46941.51	***
Cohort12	-492773.5	93316.23	***	-295583.5	62412.66	***	37424.98	23149.74	-173338.3	19262.37	***	19256.63	19589.31	-122553.7	51166.18	**
Cohort13	-667338.2	119569.9	***	-388266.4	79971.89	***	37879.39	29662.7	-193083.7	24681.66	***	12721.13	25100.58	-173971.2	65561.32	***
Age	-1074051	293071.8	***	-639034.7	196015.1	***	-20630.8	72704.76	-82064.21	60495.99	-121027.2	61522.78	**	-382301.7	160694.1	**
Age^2	40525.51	12507.77	***	24969.98	8365.565	***	1084.283	3102.906	3040.578	2581.858	5190.854	2625.679	**	14368.31	6858.128	**
Age^3	-713.6692	257.8815	***	-459.923	172.4788	***	-27.12402	63.97482	-55.04851	53.232	-102.7312	54.1355	*	-251.9107	141.3989	*
Age^4	5.846279	2.572855	**	4.005603	1.720802	**	0.3184042	0.63827	0.4590961	0.5310898	0.9773443	0.5401039	*	2.064564	1.410721
Age^5	-0.0179072	0.0099616	**	-0.013354	0.0066626	**	-0.001404	0.002471	-0.0014052	0.0020563	-0.003635	0.0020912	*	-0.006393	0.005462
Year1997*Cohort2	9487.443	89935.43	33912.73	60151.49	10394.08	22311.03	-13980.41	18564.51	17313.36	18879.6	31089.77	49312.46
Year1997*Cohort3	-40411.64	54082.38	-40932.12	36171.9	805.1369	13416.67	-9759.186	11163.71	-9239.44	11353.19	-18282.8	29653.89
Year1997*Cohort4	50548.07	39682.46	-2156.681	26540.8	7130.752	9844.358	-4446.652	8191.267	2234.223	8330.297	28782.59	21758.27
Year1997*Cohort5	74068.41	35522.16	**	52559.65	23758.27	**	-1495.612	8812.278	5529.094	7332.497	14334.51	7456.951	*	59507.06	19477.14	***
Year1997*Cohort6	-23832.72	34219.39	5560.304	22886.94	-581.7345	8489.09	-110.1317	7063.58	11140.77	7183.469	-2525.998	18762.82
Year1997*Cohort7	-184147.8	32688.53	***	-123870.6	21863.06	***	7932.622	8109.317	-33825.05	6747.579	***	-27190.87	6862.105	***	-58362.35	17923.44	***
Year1997*Cohort8	-7231.332	31995.46	-82625.75	21399.51	***	-684.858	7937.38	-17223.3	6604.514	***	-19670.21	6716.612	***	-40704.59	17543.41	**
Year1997*Cohort9	54687.4	32393	*	29293.68	21665.4	17686.79	8036.003	**	-4522.996	6686.576	4091.418	6800.067	44414.81	17761.39	**
Year1997*Cohort10	-14348.85	34849.78	-1171.952	23308.56	16475.62	8645.475	*	-7248.123	7193.704	4246.599	7315.802	10325.57	19108.47
Year1997*Cohort11	-75556.55	37995.13	**	-21308.12	25412.27	2183.711	9425.769	-4878.013	7842.969	-15591.23	7976.087	*	-12489.41	20833.09
Year1997*Cohort12	-84712.25	49687.21	*	-49553.72	33232.28	-20983.43	12326.32	*	-12639.74	10256.45	-15263.87	10430.53	-36680.95	27243.97
Year1997*Cohort13	85206.46	93838.99	35877.58	62762.3	11757.24	23279.42	2680.865	19370.28	638.9662	19699.05	29931.63	51452.82
Year1998*Cohort2	-191964.3	99639.65	*	-64253.75	66641.96	-732.745	24718.44	-20408.21	20567.65	1733.605	20916.75	-61882.53	54633.38
Year1998*Cohort3	-22148.58	59973.99	-11903.67	40112.38	2841.604	14878.25	-15207.87	12379.85	2027.258	12589.98	1028.281	32884.31
Year1998*Cohort4	66199.05	44615.15	35778.56	29839.93	13130.44	11068.05	3213.759	9209.475	3343.64	9365.787	38581.83	24462.91
Year1998*Cohort5	33325.13	35383.16	32361