Life-cycle consumption patterns at older ages in the US and the UK: can medical expenditures explain the difference?

James Banks, Richard Blundell (), Peter Levell and James Smith ()
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James Smith: Institute for Fiscal Studies and RAND Corporation

No W15/12, IFS Working Papers from Institute for Fiscal Studies

Abstract: In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in spite of income paths being similar. We explore several possible causes, including different employment paths, housing ownership and expenses, levels and paths of health status, and out-of -pocket medical expenditures. Among all the potential explanations considered, we find that those to do with healthcare – differences in levels, age paths, and uncertainty in medical expenses – are the main factor accounting for the steeper declines in nondurable expenses in the UK compared to the US.

JEL-codes: D10 D11 D12 D14 D91 (search for similar items in EconPapers)
Date: 2015-03-23
New Economics Papers: this item is included in nep-age and nep-ltv
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Citations: View citations in EconPapers (14)

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Related works:
Working Paper: Life-Cycle Consumption Patterns at Older Ages in the US and the UK: Can Medical Expenditures Explain the Difference? (2016)
Working Paper: Life-cycle consumption patterns at older ages in the US and the UK: can medical expenditures explain the difference? (2016)
Working Paper: Life-Cycle Consumption Patterns at Older Ages in the US and the UK: Can Medical Expenditures Explain the Difference? (2016)
Working Paper: Life-Cycle Consumption Patterns at Older Ages in the US and the UK Can Medical Expenditures Explain the Difference? (2015)
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