I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive evidence that savings institutions helped mitigate vulnerabilities and that both using borrowing institutions and adjusting labor supply served as risk-coping strategies among households with less savings.

中文翻译：

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两次世界大战期间日本工人阶级家庭的消费平滑

我分析了 1920 年代初期大阪的工厂工人家庭，以考察特殊的收入冲击和消费。使用家庭层面的月度面板数据集，我发现虽然家庭当时无法完全应对特殊的收入冲击，但它们减轻了经济困难期间基本消费的波动。在风险应对机制方面，我发现有启发性的证据表明，储蓄机构有助于缓解脆弱性，并且利用借贷机构和调整劳动力供给都是储蓄较少家庭的风险应对策略。