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Liquidity, Economic Activity, and Mortality

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Author Info

  • William N. Evans

    (University of Notre Dame)

  • Timothy J. Moore

    (University of Maryland)

Abstract

We document a within-month mortality cycle where deaths decline before the first day of the month and spike after the first. This cycle is present across a wide variety of causes and demographic groups. A similar cycle exists for a range of economic activities, suggesting the mortality cycle may be due to short-term variation in levels of economic activity. We provide evidence that the within-month activity cycle is generated by liquidity. Our results suggest a causal pathway whereby liquidity problems reduce activity, which in turn reduces mortality. These relationships may help explain the procyclical nature of mortality. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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File URL: http://www.mitpressjournals.org/doi/pdf/10.1162/REST_a_00184
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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 94 (2012)
Issue (Month): 2 (May)
Pages: 400-418

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Handle: RePEc:tpr:restat:v:94:y:2012:i:2:p:400-418

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Web page: http://mitpress.mit.edu/journals/

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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

Related research

Keywords: mortality; liquidity constraints; income; consumption; life-cycle model; permanent-income hypothesis; tax rebates; pro-cyclical mortality;

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Cited by:
  1. McInerney, Melissa & Mellor, Jennifer M. & Nicholas, Lauren Hersch, 2013. "Recession depression: Mental health effects of the 2008 stock market crash," Journal of Health Economics, Elsevier, vol. 32(6), pages 1090-1104.
  2. Venke Furre Haaland & Kjetil Telle, 2013. "Pro-cyclical mortality. Evidence from Norway," Discussion Papers 766, Research Department of Statistics Norway.
  3. Dhaval M. Dave & Inas Rashad Kelly, 2010. "How Does the Business Cycle Affect Eating Habits?," NBER Working Papers 16638, National Bureau of Economic Research, Inc.
  4. Christopher J. Ruhm, 2013. "Recessions, Healthy No More?," NBER Working Papers 19287, National Bureau of Economic Research, Inc.
  5. Melinda Sandler Morrill & Sabrina Wulff Pabilonia, 2012. "What Effects do Macroeconomic Conditions Have on Families' Time Together?," Working Papers 454, U.S. Bureau of Labor Statistics.

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