Using a life-cycle model and a representative sample of households, we analyze the extent to which using home equity leads to (heterogeneity in) welfare gains over the life cycle. The most policy-feasible option to borrow against 50% of home equity over the life cycle leads to median (average)...

We construct a health measurement model which combines panel data on self-reported health with a rich set of health measures from administrative medical records. Our estimated health model allows us to predict health status for the population at large. We account both for unobserved...