In this extension to my R-37, we will have several objectives. First, we will use the opportunity ofthe financial crisis to estimate the effects on capital gains and mostly losses of various asset prices and employment changes on a variety of non-health outcomes in England and the United States. These outcomes will include employment, consumption (and its major sub-components), savings, and intended bequests. Second, we will extend our analysis to an important set of health outcomes. These health outcomes will include not only changes in physical health including mortality and disability, but also mental health including depression, psycho-social health, overall well-being, and life satisfaction. The impact of wealth increases during booms on physical and mental health may be small compared to their potential impact during severe busts. Our third specific aim will be to model and understand the impacts ofthe relatively flat English housing consumption profiles at older ages on total consumption, total non-housing consumption, and other forms of consumption at older ages. In this analysis, we will incorporate the very distinct profiles of out-of pocket medical expenses in the two countries. The final specific aim will continue to extend this analysis to a wider array of countries. This will involve continuing our work in China. In addition, the availability of multiple waves (at least four) of SHARE data on nineteen European countries with comparable measured data to that of HRS and ELSA allows us to extend our analysis to most of continental Europe.

Public Health Relevance

The research is important since it deals with the level of well-being of older people in the United States. By using comparative analysis ofthe United States, England, and other countries, we can assess how over-all well being is related to health, housing consumption, and other types of consumption at older ages in these countries.

National Institute of Health (NIH)
National Institute on Aging (NIA)
Method to Extend Research in Time (MERIT) Award (R37)
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Special Emphasis Panel (NSS)
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Phillips, John
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Rand Corporation
Santa Monica
United States
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Lei, Xiaoyan; Shen, Yan; Smith, James P et al. (2017) SIBLING GENDER COMPOSITION'S EFFECT ON EDUCATION: EVIDENCE FROM CHINA. J Popul Econ 30:569-590
Banks, James; Keynes, Soumaya; Smith, James P (2016) Health, Disability and Mortality Differences at Older Ages between the US and England. Fisc Stud 37:345-369
Bloom, David E; Chatterji, Somnath; Kowal, Paul et al. (2015) Macroeconomic implications of population ageing and selected policy responses. Lancet 385:649-657
Kesternich, Iris; Siflinger, Bettina; Smith, James P et al. (2014) The Effects of World War II on Economic and Health Outcomes across Europe. Rev Econ Stat 96:103-118
Zhao, Yaohui; Hu, Yisong; Smith, James P et al. (2014) Cohort profile: the China Health and Retirement Longitudinal Study (CHARLS). Int J Epidemiol 43:61-8
Smith, James P; Tian, Meng; Zhao, Yaohui (2013) Community Effects on Elderly Health: Evidence from CHARLS National Baseline. J Econ Ageing 1-2:
Delaney, Liam; Fernihough, Alan; Smith, James P (2013) Exporting poor health: the Irish in England. Demography 50:2013-35
Banks, James; Smith, James P (2012) International Comparisons in Health Economics: Evidence from Aging Studies. Annu Rev Econom 4:57-81
Delaney, Liam; Smith, James P (2012) Childhood health: trends and consequences over the life course. Future Child 22:43-63
Lei, Xiaoyan; Hu, Yuqing; McArdle, John J et al. (2012) Gender Differences in Cognition among Older Adults in China. J Hum Resour 47:951-971

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