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This study provides new evidence regarding the extent to which medical caremitigates the economic consequences of various health shocks for the individualand a wider family. To obtain causal effects, I focus on the role of medicalscientific discoveries and leverage the longitudinal dimension of uniqueadministrative data for Sweden. The results indicate that medical innovationsstrongly mitigate the negative economic consequences of a health shock for theindividual and create spillovers to relatives. Such mitigating effects arehighly heterogeneous across prognoses. These results suggest that medicalinnovation substantially reduces the burden of welfare costs yet producesincome inequalities.

Household and individual economic responses to different health shocks: The role of medical innovations