The impact of adverse health events on consumption: Understanding the mediating effect of income transfers, wealth, and health insurance
利用1999-2013年美国收入动态面板数据，研究发现精神疾病比严重身体疾病导致更大的劳动收入下降，且转移支付无法完全弥补，从而显著减少家庭消费；而身体疾病家庭则能通过转移和财富平滑消费。
Using data from the Panel Study of Income Dynamics for years 1999-2013, we investigate the impact of physical and mental illnesses on household consumption and financial status. In comparison to severe physical health problems, mental illnesses lead to larger decreases in labor income. Increases in public and private transfers following the onset of a mental illness do not completely offset the decline in labor income. Consequently, we find a significant decrease in consumption expenditures after the household head experiences a mental problem. On the other hand, public and private transfers and accumulated wealth offset the relatively smaller decline in labor income and enable households with severe physical problems to smooth their consumption. Health insurance helps to prevent larger drops in consumption after the onset of a mental health problem.