Life-Cycle Consumption Patterns at Older Ages in the United States and the United Kingdom: Can Medical Expenditures Explain the Difference?

• 成果类型: Article
• 署名作者: Banks, James; Blundell, Richard; Levell, Peter; Smith, James P.
• 署名单位: University of Manchester; University of London; University College London; RAND Corporation
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20170182
• 发表日期: 2019
• 页码: 27-54
• 关键词: health; WEALTH; RISK; INEQUALITY; utility; save; end

摘要

This paper documents significantly steeper declines in nondurable expenditures at older ages in the United Kingdom compared to the United States, in spite of income paths being similar. Several possible causes are explored, including different employment paths, housing ownership and expenses, levels and paths of health status, number of household members, and out-of-pocket medical expenditures. Among all the potential explanations considered, those relating to health care differences in levels and age paths in medical expenses and medical expenditure risk-can fully account for the steeper declines in nondurable consumption in the United Kingdom compared to the United States.