Health & the Economy eJournal最新文献

{"title":"Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-backed Securities","authors":"Sumit Agarwal, B. Ambrose, Luis A. Lopez, Xue Xiao","doi":"10.2139/ssrn.3674960","DOIUrl":"https://doi.org/10.2139/ssrn.3674960","url":null,"abstract":"We examine the effects of the Federal government’s Payment Protection Program (PPP) on the performance of securitized commercial mortgages following the coronavirus pandemic. Using de- tailed administrative data that allows us to observe variation in mortgage performance by loan size, we find that, in the absence of the PPP, the delinquency rate of small commercial mortgages could have been an average of 2 percentage points greater than the actual delinquency rate, which peaked at 9% during the pandemic. We also find a differential effect between the first and second round funding with the strongest impact during the program’s second round when funding was targeted to businesses in areas most impacted by COVID-19. Thus, our analysis suggests that the PPP did help small businesses, but policymakers should attempt to ensure that future PPP funds are targeted to businesses in the most affected areas.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125139122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Income Inequality, Debt Burden and COVID-19","authors":"T. Davydiuk, Deeksha Gupta","doi":"10.2139/ssrn.3641965","DOIUrl":"https://doi.org/10.2139/ssrn.3641965","url":null,"abstract":"There have been stark differences in the ability of low-income and high-income individuals to protect themselves during the COVID-19 pandemic. Using a triple difference specification, we document that debt burdens contribute to this inequity by disproportionately increasing the cost to low-income individuals of reducing their mobility after the start of the pandemic. This effect is stronger in counties located in states with residential mortgage recourse. Furthermore, the debt burden channel is exacerbated for Black/African-American and Hispanic/Latino borrowers. Additionally, we provide suggestive evidence that this debt burden channel could have contributed to 2.71% more COVID-19 cases.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129660618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The COVID-19 Pandemic and its Impact on Inequality of Opportunity in Psychological Distress in the UK","authors":"Apostolos Davillas, Andrew M. Jones","doi":"10.2139/ssrn.3614940","DOIUrl":"https://doi.org/10.2139/ssrn.3614940","url":null,"abstract":"We use data from Wave 9 of UK Household Longitudinal Study (UKHLS) and the April 2020 Wave of the UKHLS COVID-19 survey to compare measures of ex ante inequality of opportunity (IOp) in psychological distress, as measured by the General Health Questionnaire (GHQ), before (Wave 9) and at the initial peak (April 2020) of the pandemic. Based on a Caseness measure, the prevalence of psychological distress increases from 18.3% to 28.3% between Wave 9 and April 2020. Also, there is a systematic increase in total inequality in the Likert GHQ-12 score. However, measures of IOp have not increased. Specifically, the proportion of total inequality attributed to circumstances has declined, consistent with the notion that the pandemic is, to some extent, a leveller as far as psychological distress is considered. A Shapley-Shorrocks decomposition analysis shows that in the pre-COVID-19 period the largest contributors to IOp were financial strain, employment status and housing conditions. In contrast, in April 2020, these factors decline in their shares and age and gender now account for a larger share. The contribution of working in an industry related to the COVID-19 response plays a small role at Wave 9, but more than triples its share in April 2020. Household composition and parental occupation also increase their shares during the pandemic.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115914442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Human Capital Investment After the Storm","authors":"Stephen B. Billings, Emily Gallagher, Lowell R. Ricketts","doi":"10.2139/ssrn.3592609","DOIUrl":"https://doi.org/10.2139/ssrn.3592609","url":null,"abstract":"\u0000 How does household exposure to a natural disaster affect higher education investments? Using variation in flooding from Hurricane Harvey (2017), we find that college-aged adults from flooded blocks in Houston are 7% less likely than counterparts to have student loans after Harvey, with larger effects in areas with more potential first-generation students. We find a similar relative decline in enrollment at more exposed Texas universities and colleges and a shift toward majors with higher expected earnings. Our results highlight a decrease in the quantity but an increase in the intensity of investments in human capital after the storm.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114855179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Non-Pharmaceutical Interventions on Unemployment During a Pandemic","authors":"Edward Kong, Dániel Prinz","doi":"10.2139/ssrn.3581254","DOIUrl":"https://doi.org/10.2139/ssrn.3581254","url":null,"abstract":"We use high-frequency Google search data, combined with data on the announcement dates of non-pharmaceutical interventions (NPIs) during the COVID-19 pandemic in U.S. states, to isolate the direct impact of state-level NPIs on own-state unemployment in an event study framework. Exploiting the differential timing of the introduction of restaurant and bar limitations, non-essential business closures, stay-at-home orders, large-gatherings bans, school closures, and emergency declarations, we analyze how Google searches for claiming unemployment insurance varied from day to day and across states. We describe a set of assumptions under which proxy outcomes can be used to estimate a causal parameter of interest when data on the outcome of interest are limited. Using this method, we quantify the share of overall growth in unemployment during the COVID-19 pandemic that was directly due to each of these state-level NPIs. We find that between March 14 and 28, restaurant and bar limitations and non-essential business closures can explain 6.0% and 6.4% of UI claims respectively, while the other NPIs did not directly increase own-state UI claims.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"308 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116197517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Working Longer in Jeopardy? Health and Labor Force Participation of Middle-Aged Europeans","authors":"Axel Börsch�?Supan, Irene Ferrari, G. Pasini, Luca Salerno","doi":"10.2139/ssrn.3586427","DOIUrl":"https://doi.org/10.2139/ssrn.3586427","url":null,"abstract":"English Abstract We use SHARE data from eight European countries to measure the evolution of health of middle-aged individuals over time. In contrast to earlier findings in Europe, we observe a stalling health trend for individuals of later year of birth using an index measuring health deficits. We even observe a slightly negative trend for men and large heterogeneity when we stratify by wealth and education. The difference between cohorts is largest for males who spent relatively few years in education. All this reflects recent developments in the US where life expectancy is decreasing. Closely connected to health trends of middle-aged individuals we further investigate developments in labor market participation rates over time using the European Labor Force Survey. We do not find any evidence for falling or stagnating employment rates and thus no correlation between health and employment trends. Health does not seem to be a main driver in the decision whether to participate in the labor market or not. German Abstract Wir nutzen SHARE Daten aus acht europäischen Ländern um die Entwicklung der Gesundheit von Personen mittleren Alters über Zeit zu messen. Im Gegensatz zu früheren Forschungsergebnissen für Europa, beobachten wir eine stagnierende Entwicklung in der Gesundheit jüngerer Kohorten. Wir finden sogar einen leicht negativen Zusammenhang für Männer und große Unterschiede, wenn wir nach Vermögen und Bildungsstand trennen - dies trifft vor allem auf Männer zu die vergleichsweise wenige Jahre in Ausbildung vorweisen können. All das spiegelt aktuelle Entwicklungen aus den Vereinigten Staaten wider, wo die Lebenserwartung seit einigen Jahren sinkt. Mit der Gesundheit von Individuen mittleren Alters verbunden, untersuchen wir auch Entwicklungen in der Erwerbsbeteiligung dieser Personen anhand von Daten der Arbeitskräfteerhebung der Europäischen Union. Wir finden keine Hinweise auf stagnierende oder gar fallende Beschäftigungsquoten und folglich keine Korrelation zwischen Gesundheit und Entwicklungen im Arbeitsangebot. Gesundheit scheint kein Haupttreiber in den Arbeitsmarktentscheidungen von Individuen zu sein.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116652038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"It Could be Worse...It Could be Raining: Ambulance Response Time and Health Outcomes","authors":"Elena Lucchese","doi":"10.2139/ssrn.3532234","DOIUrl":"https://doi.org/10.2139/ssrn.3532234","url":null,"abstract":"Ambulance response time to emergency calls is a key indicator of a health system's efficiency although its impact on health is not precisely known. This causal relation is identified by exploiting rainfall at the time of the ambulance run as a shock to responsiveness. The elasticity of the likelihood of a severe cardiovascular condition with respect to response time is 0.9 and that of the likelihood of death before reaching the hospital is 5. Finally, the economic value of time is quantified, and it is shown that improving the ambulance's ability to locate the scene would substantially increase efficiency.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124425294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Long-Term Health Effect of Earned Income Tax Credit","authors":"Ze Song","doi":"10.2139/ssrn.3487069","DOIUrl":"https://doi.org/10.2139/ssrn.3487069","url":null,"abstract":"Using decades of variation in the federal and state Earned Income Tax Credit (EITC) and the Panel Study of Income Dynamics (PSID) dataset, I examine the impact of exposure to EITC expansions in utero and during childhood on health outcomes in adulthood. In order to overcome the confounding relationship between family income and health outcomes, this study uses the maximum EITC benefit as the key variable. Reduced-form estimates show that EITC expansions had a positive impact on self-reported health status and other health measurements. Specifically, a $1000 increase in the maximum EITC exposure from ages 13 to 18 corresponds with a 0.125 point increase in the reported health status during adulthood. In addition, being exposed to EITC expansions in utero increases reported health status by 0.043 point. Relative to the range of reported health of 1 to 5 and the standard deviation of 0.97, these are very small effects. Nonetheless, these health effects are consequential, associating with increases in both family income and maternal labor supply. Labor supply induced time substitution effect competes with the income enhancement, with different relative impacts at different age intervals, creating a “U-shaped\" overall health consequence.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"13 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114048006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Health Effects of Unemployment on the European Elderly: An Application of Finite Mixture Models Using the Survey of Health, Aging and Retirement in Europe","authors":"T. Vo, R. Jha","doi":"10.2139/ssrn.3437088","DOIUrl":"https://doi.org/10.2139/ssrn.3437088","url":null,"abstract":"Using panel data extracted from wave 1, 2, 4, 5 and 6 of the Survey of Health, Ageing and Retirement in Europe, this paper investigates the impact of unemployment on health outcomes of the European elderly during the period 2004 to 2015. Various estimators with panel fixed-effects are employed to control for the time-invariant unobserved confounders. To eliminate selection bias, the study separates the impacts of plant closures and being laid off from other potentially endogenous reasons for unemployment. Most importantly, finite mixture models are used to account for unobserved heterogeneity. Results from the models using a dummy for unemployment show significant impacts on self-rated health, chronic disease, and mental health. Models with plant closures and being laid off as two exogenous variables confirm the similar impacts on mental health. The impacts of plant closures and being laid off are slightly higher for chronic disease, but only being laid off worsens self-rated health. Notably, women are more likely to get chronic disease when they lose their jobs by plant closures, even once a year. Unemployment also damages women's mental health but the marginal effects for men are even larger. The finite-mixture models separately estimate the health impacts on two latent classes and show that members of the class with more ex-post ill-health tend to suffer more health problems due to unemployment. Age, marriage, number of children, education and industry sectors jointly determine the class membership.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115936907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fertility and Modernity","authors":"Enrico Spolaore, Romain Wacziarg","doi":"10.3386/W25957","DOIUrl":"https://doi.org/10.3386/W25957","url":null,"abstract":"\u0000 We investigate the determinants of the fertility decline in Europe from 1830 to 1970 using a newly constructed dataset of linguistic distances between European regions. The decline resulted from the gradual diffusion of new fertility behavior from French-speaking regions to the rest of Europe. Societies with higher education, lower infant mortality, higher urbanization, and higher population density had lower levels of fertility during the 19th and early 20th century. However, the fertility decline took place earlier in communities that were culturally closer to the French, while the fertility transition spread only later to societies that were more distant from the frontier. This is consistent with a process of social influence, whereby societies that were culturally closer to the French faced lower barriers to learning new information and adopting novel attitudes regarding fertility control.","PeriodicalId":439996,"journal":{"name":"Health & the Economy eJournal","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133725222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}