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Analysis of private consumption using weather data

Author

Listed:
  • Kunihiro Akutsu

    (Bank of Japan)

  • Yasutaka Koike

    (Bank of Japan)

Abstract

Private consumption is affected by temporary disturbance factors such as weather conditions, so it is difficult to assess business conditions. In this paper, we propose "Macro Weather Index" as a comprehensive indicator of Japan's weather conditions, and analyze the effect of weather factors on private consumption. We find that a rise in the amount of precipitation depresses consumer spending and a rise in temperature has a positive effect on private consumption in the summer and a negative influence in the winter. We also find that the effects of weather factors on consumption differ by type as well as by item.

Suggested Citation

  • Kunihiro Akutsu & Yasutaka Koike, 2019. "Analysis of private consumption using weather data," Bank of Japan Review Series 19-E-1, Bank of Japan.
    • Handle: RePEc:boj:bojrev:rev19e01
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    File URL: http://www.boj.or.jp/en/research/wps_rev/rev_2019/data/rev19e01.pdf
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