Housing Price Risk, Home Ownership, and Wealth

在我的R-37的这一扩展中，我们将有几个目标。首先，我们将利用金融的机会 估计各种资产价格和就业对资本收益和主要损失的影响的危机 英国和美国的各种非健康后果的变化。这些结果将包括 就业、消费(及其主要子组成部分)、储蓄和预期遗产。 其次，我们将把我们的分析扩展到一系列重要的健康结果。这些健康后果将 不仅包括身体健康变化，包括死亡率和残疾，而且还包括精神健康变化，包括 抑郁、心理社会健康、总体幸福感和生活满意度。财富增长的影响 在繁荣期对身心健康的影响可能比在严重时期的潜在影响要小 半身像。 我们的第三个具体目标将是模拟和理解相对平坦的英式住房的影响 老年人的消费概况关于总消费、总非住房消费和其他形式的 老年人的消费。在本分析中，我们将包含非常独特的自付配置文件 这两个国家的医疗费用。 最终的具体目标将继续将这一分析扩展到更广泛的国家。这将涉及到 继续我们在中国的工作。此外，多波(至少四波)共享数据的可用性 19个欧洲国家和地区的测量数据与HRS和ELSA的测量数据相当，这允许我们扩大 我们对欧洲大陆大部分地区的分析。

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.