This paper exploits the unexpected decline of deaths from cardiovascular diseases since the 1970s as a large positive health shock that affected predominantly old-age mortality; i.e., the fourth stage of the epidemiological transition. Using a differences-in-differences estimation strategy, we...

Elmhurst College is a small liberal arts college located in Illinois that provides undergraduate and graduate programs in liberal arts as well as professional programs in business, nursing and education. The school faced a serious budget crisis in 1971 and then President Dr. Frick implemented...