EXPLAINING THE DECLINE OF THE U.S. SAVING RATE: THE ROLE OF HEALTH EXPENDITURE
研究发现1980-2009年间美国储蓄率下降8%主要由健康支出上升导致，利用FDA药物审批的外生变化估计健康支出每增加1个百分点使储蓄率下降0.9个百分点，并建模揭示健康技术进步、共付率降低和收入改善是背后驱动因素。
Abstract The U.S. saving rate declined by 8% between 1980 and 2009. We document that the decline can be explained by rising health expenditures. Using exogenous variation in medical expenses generated by Food and Drug Administration drug approvals, we document that a 1 percentage point increase in health expenditure generated a decline in saving rate of 0.9 percentage points. We then estimate a model of household decisions to evaluate the mechanisms behind the decline. We find that the rise in health expenses and drop in saving rate are driven by progress in health technology, reduction in copayment rates, and improvements in income processes.