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Income Volatility and Health

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  • Halliday, Timothy J.

    ()
    (University of Hawaii at Manoa)

Abstract

We investigate the impact of exogenous income fluctuations on health using twenty years of data from the Panel Study of Income Dynamics using techniques from the literature on the estimation of dynamic panel data models. Contrary to much of the previous literature on health and socio-economic status, we find that, on average, adverse income shocks lead to a deterioration of health. These effects are most pronounced for working-aged men and are dominated by transitions into the very bottom of the earnings distribution.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3234.

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Length: 36 pages
Date of creation: Dec 2007
Date of revision:
Handle: RePEc:iza:izadps:dp3234

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Keywords: gradient; health; dynamic panel data models; recessions;

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References

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  1. Costas Meghir & Luigi Pistaferri, 2001. "Income variance dynamics and heterogenity," IFS Working Papers, Institute for Fiscal Studies W01/07, Institute for Fiscal Studies.
  2. Ruhm, Christopher J., 2003. "Healthy Living in Hard Times," IZA Discussion Papers 711, Institute for the Study of Labor (IZA).
  3. Peter Adams & Michael D. Hurd & Daniel L. McFadden & Angela Merrill & Tiago Ribeiro, 2004. "Healthy, Wealthy, and Wise? Tests for Direct Causal Paths between Health and Socioeconomic Status," NBER Chapters, in: Perspectives on the Economics of Aging, pages 415-526 National Bureau of Economic Research, Inc.
  4. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
  5. James P. Smith, 1999. "Healthy Bodies and Thick Wallets: The Dual Relation between Health and Economic Status," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(2), pages 145-166, Spring.
  6. Raquel Carrasco, 1999. "Binary Choice with Binary Endogenous Regressors in Panel Data: Estimating the Effect of Fertility on Female Labour Participation," Working Papers, Fondazione Eni Enrico Mattei 1999.3, Fondazione Eni Enrico Mattei.
  7. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  8. Dean R. Hyslop, 1999. "State Dependence, Serial Correlation and Heterogeneity in Intertemporal Labor Force Participation of Married Women," Econometrica, Econometric Society, Econometric Society, vol. 67(6), pages 1255-1294, November.
  9. Halliday, Timothy J., 2007. "Business cycles, migration and health," Social Science & Medicine, Elsevier, Elsevier, vol. 64(7), pages 1420-1424, April.
  10. Victor R. Fuchs, 1980. "Time Preference and Health: An Exploratory Study," NBER Working Papers 0539, National Bureau of Economic Research, Inc.
  11. Arellano, M & Carrasco, R, 1996. "Binary Choice Panel Data Models with Predetermined Variables," Papers, Centro de Estudios Monetarios Y Financieros- 9618, Centro de Estudios Monetarios Y Financieros-.
  12. Christopher J. Ruhm, 2000. "Are Recessions Good For Your Health?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 115(2), pages 617-650, May.
  13. Adda, Jérôme & Banks, James & Gaudecker, Hans-Martin von, 2008. "The Impact of Income Shocks on Health: Evidence from Cohort Data," IZA Discussion Papers 3329, Institute for the Study of Labor (IZA).
  14. Jonathan Meer & Douglas L. Miller & Harvey S. Rosen, 2003. "Exploring the Health-Wealth Nexus," NBER Working Papers 9554, National Bureau of Economic Research, Inc.
  15. Adda, Jerome & Chandola, Tarani & Marmot, Michael, 2003. "Socio-economic status and health: causality and pathways," Journal of Econometrics, Elsevier, Elsevier, vol. 112(1), pages 57-63, January.
  16. Michael Baker & Mark Stabile & Catherine Deri, 2001. "What do Self-Reported, Objective, Measures of Health Measure?," NBER Working Papers 8419, National Bureau of Economic Research, Inc.
  17. Anne Case & Christina Paxson, 2004. "Sex Differences in Morbidity and Mortality," Working Papers, Princeton University, Woodrow Wilson School of Public and International Affairs, Center for Health and Wellbeing. 244, Princeton University, Woodrow Wilson School of Public and International Affairs, Center for Health and Wellbeing..
  18. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
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Citations

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Cited by:
  1. Melinda Podor & Timothy J. Halliday, 2009. "Health Status and the Allocation of Time," Working Papers, University of Hawaii at Manoa, Department of Economics 200907, University of Hawaii at Manoa, Department of Economics.
  2. Halliday, Timothy J., 2012. "Earnings Growth and Movements in Self-Reported Health," IZA Discussion Papers 6367, Institute for the Study of Labor (IZA).

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