Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations

被引：75

作者：

Schwandt, Hannes ^{[1
,2
,3
]}

机构：

[1] Northwestern Univ, 2040 Sheridan Rd, Evanston, IL 60208 USA

[2] SIEPR Stanford, Stanford, CA 94305 USA

[3] CEPR, Washington, DC 20009 USA

来源：

AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS | 2018年 / 10卷 / 04期

关键词：

ADMINISTRATIVE DATA; RECESSIONS GOOD; LOTTERY PRIZES; MENTAL-HEALTH; PANEL-DATA; MORTALITY; RETIREMENT; VARIABLES; IMPACT; INCOME;

D O I：

10.1257/app.20140499

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Do wealth shocks affect the health of elderly in developed countries? 1 exploit the booms and busts in the US stock market as a natural experiment that generated considerable gains and losses in the wealth of stock-holding retirees. Using data from the 1998-2011 Health and Retirement Study, 1 construct wealth shocks as the interaction of stock holdings with stock market changes. These wealth shocks predict wealth changes and strongly affect health. outcomes. A 10 percent wealth loss leads to an impairment of 2-3 percent of a standard deviation in physical health, mental health, and survival rates.

引用

页码：349 / 377

页数：29

共 46 条

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