Replication data for: Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations

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Project Citation:

Schwandt, Hannes. Replication data for: Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116337V1

Project Description

Summary: Do wealth shocks affect the health of elderly in developed countries? I exploit the booms and busts in the US stock market as a natural experiment that generated considerable gains and losses in the wealth of stock-holding retirees. Using data from the 1998–2011 Health and Retirement Study I construct wealth shocks as the interaction of stock holdings with stock market changes. These wealth shocks predict wealth changes and strongly affect health outcomes. A 10% wealth loss leads to an impairment of 2–3% of a standard deviation in physical health, mental health and survival rates.

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      G11 Portfolio Choice; Investment Decisions
      G14 Information and Market Efficiency; Event Studies; Insider Trading
      I12 Health Behavior
      J14 Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination

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Published Versions

V1 [2019-12-07]

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