National Transfer Accounts (NTA) in Japan: 1984−2014

We developed standardized methods that allow for computing National Transfer Accounts (NTA) statistics consistently from 1984 to 2014 and applied this uniform approach to analyze the evolution of three NTA accounts. By detailing our computation methods, we ensure that the results can be replicated, providing a consistent basis for discussion using NTA. Our analysis revealed that the 23–39 age group experienced the slowest consumption growth since 2004, despite having higher labor income growth compared to other age groups. This discrepancy is attributed to a greater public transfer burden on this age group. This finding offers a new perspective on the potential causes of declining marriage and fertility rates in Japan. Additionally, we discuss potential improvements to the NTA estimation methods and framework.