Smith, Paul; Love, David - Federal Reserve Board (Board of Governors of the … - 2007
medical
expenses goes up, households reallocate toward safer portfolios.
To summarize, there are several theoretical channels …, outpatient surgery, hospital and nursing home
stays, prescription drugs, home health care, and special medical facilities or … portfolio. Intuitively, when expected annuity income is large
relative to financial wealth, fluctuations in asset returns have a …