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Working Paper
A Comparison of Living Standards Across the States of America
Nygaard, Vegard; Falcettoni, Elena (2020-05-22)
We use an expected utility framework to examine how living standards vary across the United States and how each state's living standards have evolved over time. Our welfare measure accounts for cross-state variations in mortality, consumption, education, inequality, and cost of living. We find that per capita income is a good indicator of living standards, with a correlation of 0.80 across states. Living standards in most states, however, appear closer to those in the richest states than their difference in per capita income would suggest. Whereas high-income states benefit from higher life ...
Finance and Economics Discussion Series , Paper 2020-041

Journal Article
Risk Aversion at the Country Level
Gandelman, Nestor; Hernandez-Murillo, Ruben (2015)
This article estimates the coefficient of relative risk aversion for 75 countries using data on self-reports of personal well-being from the 2006 Gallup World Poll. The analysis suggests that the coefficient of relative risk aversion varies closely around 1, which corresponds to a logarithmic utility function. The authors conclude that their results support the use of the log utility function in numerical simulations of economic models.
Review , Volume 97 , Issue 1 , Pages 53-66

Working Paper
Does Access to Free Pre-Kindergarten Increase Maternal Labor Supply?
Terry, Ellyn; Shampine, Sam; Ilin, Elias (2021-11-09)
We evaluate the effects of free pre-kindergarten (Pre-K) programs on the labor force participation of mothers. We use variation in Pre-K rules across all U.S. states, including income eligibility requirements in some states. To estimate the causal effects of access to Pre-K on labor supply, we exploit the panel aspect of the monthly Current Population Survey between 2002 and 2019. Specifically, we look at the change in labor market behavior of women when their child becomes age-eligible for Pre-K, controlling for individual factors. We find that access to free Pre-K programs increases overall ...
Research Working Paper , Paper RWP 21-11

Working Paper
Urban Renewal and Inequality: Evidence from Chicago’s Public Housing Demolitions
Almagro, Milena; Chyn, Eric; Stuart, Bryan (2023-09-13)
This paper studies one of the largest spatially targeted redevelopment efforts implemented in the United States: public housing demolitions sponsored by the HOPE VI program. Focusing on Chicago, we study welfare and racial disparities in the impacts of demolitions using a structural model that features a rich set of equilibrium responses. Our results indicate that demolitions had notably heterogeneous effects where welfare decreased for low-income minority households and increased for White households. Counterfactual simulations explore how housing policy mitigates negative effects of ...
Working Papers , Paper 23-19

Working Paper
Happiness, Unhappiness, and Suicide: An Empirical Assessment
Daly, Mary C.; Wilson, Daniel J. (2008-08-01)
The use of subjective well-being (SWB) data for investigating the nature of individual preferences has increased tremendously in recent years. There has been much debate about the cross-sectional and time series patterns found in these data, particularly with respect to the relationship between SWB and relative status. Part of this debate concerns how well SWB data measures true utility or preferences. In a recent paper, Daly, Wilson, and Johnson (2007) propose using data on suicide as a revealed preference (outcome-based) measure of well-being and find strong evidence that reference-group ...
Working Paper Series , Paper 2008-19

Working Paper
The effect of ending the pandemic-related mandate of continuous Medicaid coverage on health insurance coverage
Dasgupta, Kabir; Solomon, Keisha T. (2025-02-03)
The Medicaid continuous enrollment provision, which ensured uninterrupted coverage for beneficiaries during the COVID-19 pandemic, was ended in March 2023. This unwinding process has led to large-scale Medicaid disenrollments, as states resumed their standard renewal process to evaluate enrolled individuals' eligibility status. Our analysis investigates whether resumption of states' renewal process has led to an increase in the risk of becoming uninsured for adults aged under 65 and affected their household economic well-being. Using state-month variation in the timing of the first round of ...
Finance and Economics Discussion Series , Paper 2025-008

Working Paper
Inequality in 3-D : Income, Consumption, and Wealth
Fisher, Jonathan D.; Thompson, Jeffrey P.; Johnson, David; Smeeding, Timothy (2018-01-02)
We do not need to and should not have to choose amongst income, consumption, or wealth as the superior measure of well-being. All three individually and jointly determine well-being. We are the first to study inequality in three conjoint dimensions for the same households, using income, consumption, and wealth from the 1989-2016 Surveys of Consumer Finances (SCF). The paper focuses on two questions. What does inequality in two and three dimensions look like? Has inequality in multiple dimensions increased by less, by more, or by about the same as inequality in any one dimension? We find an ...
Finance and Economics Discussion Series , Paper 2018-001

Working Paper
Government Transfers and Consumer Spending among Households with Children during COVID-19
Wu, Pinghui; Fusaro, Vincent; Shaefer, H. Luke (2022-06-01)
Leveraging novel data on consumer credit and debit card spending by Zip code, this study examines how the impact of government transfers on economic well-being varied by household type during the COVID-19 pandemic. Our findings indicate that pandemic transfers disproportionately benefited households with children, buffering them from earnings losses at the pandemic’s start and sustaining spending growth over time. Household essential spending increased proportionally with the delivery of cash transfers, while discretionary spending was influenced more by pandemic-specific factors beyond ...
Working Papers , Paper 22-17

Discussion Paper
Why Investment‑Led Growth Lowers Chinese Living Standards
Higgins, Matthew (2024-11-14)
Rapid GDP growth, due in part to high rates of investment and capital accumulation, has raised China out of poverty and into middle-income status. But progress in raising living standards has lagged, as a side-effect of policies favoring investment over consumption. At present, consumption per capita stands some 40 percent below what might be expected given China’s income level. We quantify China’s consumption prospects via the lens of the neoclassical growth model. We find that shifting the country’s production mix toward consumption would raise both current and future living ...
Liberty Street Economics , Paper 20241114

Working Paper
Health Shocks, Health Insurance, Human Capital, and the Dynamics of Earnings and Health
Capatina, Elena; Keane, Michael P. (2023-11-15)
We specify and calibrate a life-cycle model of labor supply and savings incorporating health shocks and medical treatment decisions. Our model features endogenous wage formation via human capital accumulation, employer-sponsored health insurance, and means-tested social insurance. We use the model to study the effects of health shocks on health, labor supply and earnings, and to assess how health shocks contribute to earnings inequality. We also simulate provision of public insurance to agents who lack employer-sponsored insurance. The public insurance program substantially increases medical ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 080

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