Health Shocks and the Evolution of Earnings over the Life-Cycle

Professor SHIKO MARUYAMA

Shiko Maruyama is Yangtze River Scholars Distinguished Professor at the Institute for Economics and Social Research (IESR), Jinan University. Before joining IESR in 2021, Maruyama completed his PhDin Economicsat Northwestern University in 2007 and worked at University of New South Wales and University of Technology Sydney in Australia. His Fields of specialization are Health Economics, Family Economics, Population Economics, Microeconometrics, Public Finance, Industrial Organization, and Labour Economics. His recent research topics include fertility trends, health insurance, healthcare costs, informal care,long-term BMI trends,andthe effect of birth outcomes. He has published his research in internationally recognized journals such asQuantitative Economics,Journal of Econometrics, andJournal of Health Economics. Maruyama is currently a Co-Editor ofJapanese Economic Reviewand an Associate Editor ofHealth Economics. Maruyama currently serves on the Board of Directors of the International Health Economics Association (IHEA). He is also one of the main organizers of the annual Asian Workshop on Econometrics and Health Economics (AWEHE).

Shiko Maruyama，暨南大学经济与社会研究院特聘教授。2007年在西北大学获得经济学博士学位，并在澳大利亚新南威尔士大学和悉尼科技大学工作。主要研究领域集中于卫生经济学、家庭经济学、人口经济学、微观计量经济学、公共财政学、产业组织和劳动经济学。近期的研究课题包括生育趋势、健康保险、医疗费用、非正式护理、长期BMI趋势和出生结果的影响。研究成果发表在Quantitative Economics,Journal of Econometrics, andJournal of Health Economics等国际主流期刊。目前担任Japanese Economic Review的联合主编和Health Economics的副主编，以及国际卫生经济学协会(IHEA)的董事会成员。他也是年度亚洲计量经济学与卫生经济学研讨会(AWEHE)的主要组织者之一。

Abstract

We study the contribution of health shocks to earnings inequality and uncertainty inlabor market outcomes. We calibrate a life-cycle model of labor supply and savings thatincorporates health and health shocks. Our model features endogenous wage formationvia human capital accumulation, employer sponsored health insurance, and meanstested social insurance. We find a substantial part of the impact of health shocks onearnings arises via reduced human capital accumulation. Health shocks account for 15%of lifetime earnings inequality for U.S. males, with two-thirds of this due to behavioralresponses. In particular, it is optimal for low-skill workers – who often lack employersponsored insurance – to curtail labor supply to maintain eligibility for means-testedtransfers that protect them from high health care costs. This causes low-skill workersto invest less in human capital. Provision of public health insurance can alleviate thisproblem and enhance labor supply and human capital accumulation.

时间：2023年11月3日（周五）下午4:15-5:30

主持人：王思

湖南大学经济管理研究中心副教授

南卡罗莱纳大学经济学博士