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Life-Cycle Consumption Patterns at Older Ages in the US and the UK: Can Medical Expenditures Explain the Difference? / James Banks, Richard Blundell, Peter Levell, James P. Smith.
- Format:
- Book
- Author/Creator:
- Banks, James.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22513.
- NBER working paper series no. w22513
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Life-Cycle Consumption Patterns at Older Ages in the US and the UK
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in spite of income paths being similar. We explore several possible causes, 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, we find that those to do with healthcare--differences in levels and age paths in medical expenses--can fully account for the steeper declines in nondurable consumption in the UK compared to the US.
- Notes:
- Print version record
- August 2016.
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