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The Accuracy of Economic Measurement in the Health and Retirement Study

Author

Listed:
  • French Eric

    (University College London, Department of Economics, Gower Street, London WC1E 6BT, UK)

  • Jones John Bailey

    (Federal Reserve Bank of Richmond, Virginia, USA)

  • McCauley Jeremy

    (University College London, Department of Economics, Gower Street,London WC1E 6BT, United Kingdom of Great Britain and Northern Ireland)

Abstract

We assess the quality of the HRS’s measures of out-of-pocket medical spending and health insurance premia, both in the “core interviews” and in the “exit interview” data. We provide detailed evidence on the quality of the HRS insurance premia data, and we compare the HRS exit data to exit data in the MCBS. We document how changes in survey questions, including the introduction of “unfolding brackets,” affect the HRS measures. We document what we believe are errors in the HRS imputations and provide some suggestions for improving the accuracy of some imputed variables. Overall, we find the HRS data to be of high quality. However, we believe that many interesting variables in the HRS are under-utilized because users must perform imputations themselves.

Suggested Citation

  • French Eric & Jones John Bailey & McCauley Jeremy, 2017. "The Accuracy of Economic Measurement in the Health and Retirement Study," Forum for Health Economics & Policy, De Gruyter, vol. 20(2), pages 1-16, December.
    • Handle: RePEc:bpj:fhecpo:v:20:y:2017:i:2:p:16:n:3
    DOI: 10.1515/fhep-2017-0001
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    References listed on IDEAS

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    1. Mariacristina De Nardi & Eric French & John B. Jones, 2010. "Why Do the Elderly Save? The Role of Medical Expenses," Journal of Political Economy, University of Chicago Press, vol. 118(1), pages 39-75, February.
    2. Samuel Marshall & Kathleen McGarry & Jonathan S. Skinner, 2011. "The Risk of Out-of-Pocket Health Care Expenditure at the End of Life," NBER Chapters, in: Explorations in the Economics of Aging, pages 101-128, National Bureau of Economic Research, Inc.
    3. Eric French & Hans-Martin von Gaudecker & John Bailey Jones, 2016. "The Effect of the Affordable Care Act on the Labor Supply, Savings, and Social Security of Older Americans," Working Papers wp354, University of Michigan, Michigan Retirement Research Center.
    4. Eric French & Elaine Kelly & María José Aragón & Martin Chalkley & Nigel Rice, 2016. "Medical Spending and Hospital Inpatient Care in England: An Analysis over Time," Fiscal Studies, Institute for Fiscal Studies, vol. 37, pages 405-432, September.
    5. James M. Poterba & Steven F. Venti & David A. Wise, 2015. "What Determines End-of-Life Assets? A Retrospective View," NBER Chapters, in: Insights in the Economics of Aging, pages 127-157, National Bureau of Economic Research, Inc.
    6. Eric French & Elaine Kelly & Svetlana Pashchenko & Ponpoje Porapakkarm, 2016. "Medical Spending in the US: Facts from the Medical Expenditure Panel Survey Data Set," Fiscal Studies, Institute for Fiscal Studies, vol. 37, pages 689-716, September.
    7. Eric French & Elaine Kelly & Sean Fahle & Kathleen McGarry & Jonathan Skinner, 2016. "Out‐of‐Pocket Medical Expenditures in the United States: Evidence from the Health and Retirement Study," Fiscal Studies, Institute for Fiscal Studies, vol. 37, pages 785-819, September.
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    Cited by:

    1. Bertrand Achou, 2023. "Housing in Medicaid: Should It Really Change?," American Economic Journal: Economic Policy, American Economic Association, vol. 15(1), pages 1-36, February.
    2. Margherita Borella & Mariacristina De Nardi & Eric French, 2018. "Who Receives Medicaid in Old Age? Rules and Reality," Fiscal Studies, John Wiley & Sons, vol. 39(1), pages 65-93, March.
    3. Eric French & John Bailey Jones & Elaine Kelly & Jeremy McCauley, 2018. "End-of-Life Medical Expenses," Working Paper 18-18, Federal Reserve Bank of Richmond.
    4. John Bailey Jones & Aaron Steelman, 2019. "Lifetime Medical Spending of Retirees," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue May.
    5. , 2020. "Why Does Consumption Fluctuate in Old Age and How Should the Government Insure it?," Opportunity and Inclusive Growth Institute Working Papers 40, Federal Reserve Bank of Minneapolis.
    6. Richard Blundell & Margherita Borella & Jeanne Commault & Mariacristina De Nardi, 2024. "Old Age Risks, Consumption, and Insurance," American Economic Review, American Economic Association, vol. 114(2), pages 575-613, February.
    7. Black, Bernard & French, Eric & McCauley, Jeremy & Song, Jae, 2024. "The effect of disability insurance receipt on mortality," Journal of Public Economics, Elsevier, vol. 229(C).
    8. Mariacristina De Nardi & Eric French & John Bailey Jones & Rory McGee & Rachel Rodgers, 2020. "Medical Spending, Bequests, and Asset Dynamics around the Time of Death," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 4, pages 135-157.

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