Life-Cycle Consumption Patterns at Older Ages in the United States and the United Kingdom: Can Medical Expenditures Explain the Difference?
研究发现英国老年人非耐用品消费下降幅度大于美国，而医疗支出水平和年龄路径的差异可以完全解释这一现象，对理解医疗支出如何影响老年消费有参考价值。
This paper documents significantly steeper declines in nondurable expenditures at older ages in the United Kingdom compared to the United States, in spite of income paths being similar. Several possible causes are explored, 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, those relating to levels and age paths in medical expenses and medical expenditure risk— can fully account for the steeper declines in nondurable consumption in the United Kingdom compared to the United States.