IDEAS home Printed from https://ideas.repec.org/a/wly/hlthec/v25y2016is2p113-125.html
   My bibliography  Save this article

Health Effects of Short‐Term Fluctuations in Macroeconomic Conditions: The Case of Hypertension for Older Americans

Author

Listed:
  • Marco Angrisani
  • Jinkook Lee

Abstract

We investigate the health effects of short‐term macroeconomic fluctuations as described by changes in unemployment rate, house, and stock market price indexes. The ‘Great Recession’ provides the opportunity to conduct this analysis as it involved contemporaneous shocks to the labor, housing, and stock markets. Using panel data from the Health and Retirement Study over the period 2004–2010, we relate changes in hypertension status to changes in state‐level unemployment rate and house prices and to changes in stock market prices. We consider hypertension, a disease related to stress and of high prevalence among older adults, that has received little attention in the literature linking macroeconomic conditions to individual health. Our analysis exploits self‐reports of hypertension diagnosis as well as directly measured blood pressure readings. Using both measures, we find that the likelihood of developing hypertension is negatively related to changes in house prices. Also, decreasing house prices lower the probability of stopping hypertension medication treatment for individuals previously diagnosed with the condition. We do not observe significant associations between hypertension and either changes in unemployment rate or stock market prices. We document heterogeneity in the estimated health effects of the recession by gender, education, asset ownership, and work status. Copyright © 2016 John Wiley & Sons, Ltd.

Suggested Citation

  • Marco Angrisani & Jinkook Lee, 2016. "Health Effects of Short‐Term Fluctuations in Macroeconomic Conditions: The Case of Hypertension for Older Americans," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 113-125, November.
  • Handle: RePEc:wly:hlthec:v:25:y:2016:i:s2:p:113-125
    DOI: 10.1002/hec.3374
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/hec.3374
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Janet Currie & Erdal Tekin, 2015. "Is There a Link between Foreclosure and Health?," American Economic Journal: Economic Policy, American Economic Association, vol. 7(1), pages 63-94, February.
    2. Ruhm, Christopher J., 2005. "Healthy living in hard times," Journal of Health Economics, Elsevier, vol. 24(2), pages 341-363, March.
    3. Roger Farmer, 2012. "The Stock Market Crash of 2008 Caused the Great Recession," 2012 Meeting Papers 145, Society for Economic Dynamics.
    4. Schwandt, Hannes, 2014. "Wealth shocks and health outcomes: evidence from stock market fluctuations," LSE Research Online Documents on Economics 60352, London School of Economics and Political Science, LSE Library.
    5. Christopher Ruhm, 2007. "A healthy economy can break your heart," Demography, Springer;Population Association of America (PAA), vol. 44(4), pages 829-848, November.
    6. Atif Mian & Kamalesh Rao & Amir Sufi, 2013. "Household Balance Sheets, Consumption, and the Economic Slump," The Quarterly Journal of Economics, Oxford University Press, vol. 128(4), pages 1687-1726.
    7. James Banks & Richard Blundell & Zoe Oldfield & James P. Smith, 2010. "Housing Mobility and Downsizing at Older Ages in Britain and the United States," Working Papers WR-787, RAND Corporation.
    8. Farmer, Roger E.A., 2012. "The stock market crash of 2008 caused the Great Recession: Theory and evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 36(5), pages 693-707.
    9. McInerney, Melissa & Mellor, Jennifer M., 2012. "Recessions and seniors’ health, health behaviors, and healthcare use: Analysis of the Medicare Current Beneficiary Survey," Journal of Health Economics, Elsevier, vol. 31(5), pages 744-751.
    10. Christopher J. Ruhm, 2000. "Are Recessions Good for Your Health?," The Quarterly Journal of Economics, Oxford University Press, vol. 115(2), pages 617-650.
    11. Bracha Anat & Jamison Julian C., 2012. "Shifting Confidence in Homeownership: The Great Recession," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(3), pages 1-48, October.
    12. Angus Deaton, 2012. "The financial crisis and the well-being of Americans," Oxford Economic Papers, Oxford University Press, vol. 64(1), pages 1-26, January.
    13. Daniel Sullivan & Till von Wachter, 2009. "Job Displacement and Mortality: An Analysis Using Administrative Data," The Quarterly Journal of Economics, Oxford University Press, vol. 124(3), pages 1265-1306.
    14. Ruhm, Christopher J., 2003. "Good times make you sick," Journal of Health Economics, Elsevier, vol. 22(4), pages 637-658, July.
    15. Banks, James & Blundell, Richard & Oldfield, Zoë & Smith, James P., 2010. "Housing Mobility and Downsizing at Older Ages in Britain and the United States," IZA Discussion Papers 5168, Institute for the Study of Labor (IZA).
    16. José Tapia granados, 2008. "Macroeconomic fluctuations and mortality in postwar Japan," Demography, Springer;Population Association of America (PAA), vol. 45(2), pages 323-343, May.
    17. 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.
    18. Ruhm, Christopher J., 2015. "Recessions, healthy no more?," Journal of Health Economics, Elsevier, vol. 42(C), pages 17-28.
    19. Lindo, Jason M., 2015. "Aggregation and the estimated effects of economic conditions on health," Journal of Health Economics, Elsevier, vol. 40(C), pages 83-96.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Laura Argys & Andrew Friedson & M. Melinda Pitts, 2016. "Killer Debt: The Impact of Debt on Mortality," FRB Atlanta Working Paper 2016-14, Federal Reserve Bank of Atlanta.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Janke, Katharina & Lee, Kevin & Propper, Carol & Shields, Kalvinder K & Shields, Michael, 2020. "Macroeconomic Conditions and Health in Britain: Aggregation, Dynamics and Local Area Heterogeneity," CEPR Discussion Papers 14507, C.E.P.R. Discussion Papers.
    2. Max Brüning & Josselin Thuilliez, 2019. "Mortality and Macroeconomic Conditions: What Can We Learn From France?," Demography, Springer;Population Association of America (PAA), vol. 56(5), pages 1747-1764, October.
    3. Chad Cotti & David Simon, 2018. "The Impact Of Stock Market Fluctuations On The Mental And Physical Well‐Being Of Children," Economic Inquiry, Western Economic Association International, vol. 56(2), pages 1007-1027, April.
    4. José A. Tapia Granados & Edward L. Ionides, 2017. "Population health and the economy: Mortality and the Great Recession in Europe," Health Economics, John Wiley & Sons, Ltd., vol. 26(12), pages 219-235, December.
    5. Ruhm, Christopher J., 2015. "Recessions, healthy no more?," Journal of Health Economics, Elsevier, vol. 42(C), pages 17-28.
    6. Laura Argys & Andrew Friedson & M. Melinda Pitts, 2016. "Killer Debt: The Impact of Debt on Mortality," FRB Atlanta Working Paper 2016-14, Federal Reserve Bank of Atlanta.
    7. Ezra Golberstein & Gilbert Gonzales & Ellen Meara, 2019. "How do economic downturns affect the mental health of children? Evidence from the National Health Interview Survey," Health Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 955-970, August.
    8. Wang, Huixia & Wang, Chenggang & Halliday, Timothy J., 2018. "Health and health inequality during the great recession: Evidence from the PSID," Economics & Human Biology, Elsevier, vol. 29(C), pages 17-30.
    9. Cristina Bellés‐Obrero & Sergi Jiménez‐Martín & Judit Vall‐Castello, 2016. "Bad Times, Slimmer Children?," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 93-112, November.
    10. Erdal Tekin & Chandler McClellan & Karen Jean Minyard, 2013. "Health and Health Behaviors during the Worst of Times," NBER Working Papers 19234, National Bureau of Economic Research, Inc.
    11. Maddalena Cavicchioli & Barbara Pistoresi, 2020. "Unfolding the relationship between mortality, economic fluctuations, and health in Italy," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(3), pages 351-362, April.
    12. Halliday, Timothy J., 2014. "Unemployment and mortality: Evidence from the PSID," Social Science & Medicine, Elsevier, vol. 113(C), pages 15-22.
    13. Martin Bassols, Nicolau & Vall Castelló, Judit, 2016. "Effects of the great recession on drugs consumption in Spain," Economics & Human Biology, Elsevier, vol. 22(C), pages 103-116.
    14. Sung, Jaesang, 2017. "The Impact of Housing Prices on Health in U.S. Before, During and After the Great Recession," MPRA Paper 78831, University Library of Munich, Germany.
    15. Vellore Arthi & Brian Beach & W. Walker Hanlon, 2017. "Estimating the Recession-Mortality Relationship when Migration Matters," NBER Working Papers 23507, National Bureau of Economic Research, Inc.
    16. Kristín Helga Birgisdóttir & Tinna Laufey Ásgeirsdóttir, 2017. "Macroeconomic conditions and population health in Iceland," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 37(25), pages 769-852.
    17. Alice Chen & Anthony Lo Sasso & Michael R. Richards, 2018. "Graduating into a downturn: Are physicians recession proof?," Health Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 223-235, January.
    18. Matthew Lang & T. Clay McManus & Georg Schaur, 2019. "The effects of import competition on health in the local economy," Health Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 44-56, January.
    19. Ezra Golberstein & Gilbert Gonzales & Ellen Meara, 2016. "Economic Conditions and Children's Mental Health," NBER Working Papers 22459, National Bureau of Economic Research, Inc.
    20. Christopher J. Ruhm, 2016. "Health Effects of Economic Crises," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 6-24, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:hlthec:v:25:y:2016:i:s2:p:113-125. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www3.interscience.wiley.com/cgi-bin/jhome/5749 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www3.interscience.wiley.com/cgi-bin/jhome/5749 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.