LIQUIDITY, ECONOMIC ACTIVITY, AND MORTALITY

• 成果类型: Article
• 署名作者: Evans, William N.; Moore, Timothy J.
• 署名单位: University of Notre Dame; University System of Maryland; University of Maryland College Park
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00184
• 发表日期: 2012-05
• 页码: 400-418
• 关键词: household consumption; myocardial-infarction; substance-abuse; recessions good; drug-use; income; education; 1st; hospitalization; association

摘要

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.