摘要：This paper explores the reaction of Japanese consumers to the 1994 tax cut, the first
administered by the Japanese government in the 1990s. Microlevel data from the Family
Income and Expenditure Survey (FIES) is used to evaluate the e#ect of the 1994 tax cut on
consumption. The estimates weakly suggest that tax cuts undertaken to stimulate the weak
economy in 1994 had some e#ect on consumption of non-durables or semi-durables. An MPC
of 0.1 - 0.2 is estimated right after implementation, but the positive e#ect was substituted
immediately in subsequent months. In other words, consumers reacted to the temporary tax
cut, but its e#ect was small and transitory
关键词：Tax cut, Family Income and Expenditure Survey, Euler equation, Marginal
propensity to consume.
