Dangerous Liquidity and the Demand for Health Care: Evidence from the 2008 Stimulus Payments
利用2008年经济刺激支付随机发放的时间，发现刺激支付使成年人急诊就诊概率平均提高1.1%，且主要由紧急医疗状况（如药物和酒精相关就诊）驱动，表明流动性可能通过增加医疗需求间接提高医疗利用率。
Household finances can affect health and health care through several channels. To explore these channels, we exploit the randomized timing of the arrival of the 2008 Economic Stimulus Payments. We find that the payments raised the probability of an adult emergency department visit over the following 23 weeks by an average of 1.1 percent. This effect is difficult to reconcile with the Permanent Income Hypothesis. We observe little impact on avoidable hospitalizations or emergency visits for nonurgent conditions and no difference in effects as a function of health insurance coverage. By contrast, we show that the increase is driven by visits for urgent medical conditions, like drug- and alcohol- related visits. Complementary evidence suggests that consumers are not simply substituting from outpatient doctor visits to hospital care. The results thus suggest that liquidity constraints may not constitute a direct barrier to care, but rather that liquidity can increase health care utilization indirectly by increasing the need for care.