The Financial Crisis: Economic and Health Effects

金融危机：经济和健康影响

• 批准号: 8326579
• 负责人: SUSANN ROHWEDDER
• 金额: $ 26.25万
• 依托单位: RAND CORPORATION
• 依托单位国家: 美国
• 财政年份: 2011
• 资助国家: 美国
• 起止时间: 2011-09-01 至 2016-08-31
• 项目状态: 已结题
• 来源: https://reporter.nih.gov/project-details/8326579
• 关键词: Affect; Age; American; Behavior; Behavioral; Biological Markers; Chronic stress; Consumption; Data; Data Sources; Decision Making; Digit structure; Economics; Elements; Emotional; England; Environment; Event; Evolution; Family; Foreclosure; Foundations; Frequencies; Future; Health; Health Planning; Health Status; Heart Diseases; Home environment; Household; Housing; Income; Individual; Internet; Interview; Length; Life; Longitudinal Studies; Major Depressive Disorder; Marketing; Mental Depression; Monitor; Nature; Occupations; Older Population; Outcome; Paint; Patient Self-Report; Population; Positioning Attribute; Research; Resources; Retirement; Sample Size; Savings; Shock; Socioeconomic Status; Stress; Surveys; Testing; Time; Uncertainty; Unemployment; United States; base; design; expectation; experience; health economics; insight; member; middle age; multidisciplinary; optimism; physical conditioning; response

DESCRIPTION (provided by applicant): The United States and most of the developed world is experiencing its greatest economic crisis since the Great Depression. Households have been affected in a number of ways. Large declines in house values combined with the assumption of risky mortgages and equity extraction has led to negative housing equity for a significant fraction of home owners and foreclosures for some. Large declines in stock values have decimated the savings of many households, especially affecting retirement savings. Record rates of job loss jeopardize the economic foundations of a large and growing fraction of workers and their families. One major objective of this proposed project will be to quantify the effects of the financial crisis on the wealth positions of U.S. households and any adjustments in behavior households made in response. To paint as complete a picture as possible these analyses will employ multiple longitudinal data sources (HRS, PSID, American Life Panel, and ELSA) that vary in the covered age range, sample size, the frequency and timing of interviews as well as the richness of available information. In panel data we will estimate the responses by households to changes in their wealth positions, in particular in consumption and saving, retirement and bequests. Thus we will find how households financed the wealth losses. An important element to intertemporal decision making is what individuals expect about the future. The recent extended turmoil in the financial markets makes it difficult to form such expectations. This project will document and estimate changes in subjective uncertainty and optimism about the financial situation of households and relate them to individuals' economic choices. Another major objective of this research is to investigate whether the economic crisis is associated with declines in health. Past research has shown a close relationship between health and economic status and these unexpected changes in wealth provide an opportunity to separate some of the explanations for this relationship. In addition to self-reported health information we will take advantage of available biomarkers in the HRS and ELSA. Thus the study will relate changes in health to wealth changes and to expectations about unemployment and other stresses. Most of these analyses will be duplicated on data from the English Longitudinal Study of Ageing, taking advantage of different evolutions of the crisis and somewhat richer information on health in ELSA.

描述（由申请人提供）：自大萧条以来，美国和大多数发达国家正在遭受其最大的经济危机。家庭已经通过多种方式受到影响。房屋价值的大幅下降，加上冒险抵押和股权提取的假设，导致大量房屋所有者的大部分房屋和某些人的丧失抵押品赎回权。股票价值的大幅下降削弱了许多家庭的储蓄，尤其是影响退休储蓄。创纪录的失业率危害了大量工人及其家人的巨大而越来越多的经济基础。该拟议项目的一个主要目标是量化金融危机对美国家庭财富状况的影响以及作为响应的行为家庭的任何调整。为了尽可能地绘制图片，这些分析将采用多个纵向数据源（HRS，PSID，美国生命小组和ELSA），这些数据源在涵盖的年龄范围，样本量，访谈的频率和时机以及可用信息的丰富性上有所不同。在面板数据中，我们将估计家庭对其财富位置变化的反应，尤其是在消费，储蓄，退休和遗赠方面。因此，我们将找到家庭如何为财富损失提供资金。 跨期决策的重要因素是个人对未来的期望。金融市场最近的扩展动荡使得很难形成这种期望。该项目将记录和估计对家庭财务状况的主观不确定性和乐观情绪的变化，并将其与个人的经济选择联系起来。 这项研究的另一个主要目的是研究经济危机是否与健康下降有关。过去的研究表明，健康与经济状况之间存在密切的关系，而这些财富的意外变化为分离这种关系的某些解释提供了机会。除了自我报告的健康信息外，我们还将利用HRS和ELSA中可用的生物标志物。因此，该研究将使健康变化与财富变化以及对失业和其他压力的期望有关。这些分析中的大多数将在英语纵向研究中的数据中复制，利用危机的不同演变和ELSA健康的更丰富信息。