@techreport{NBERw15310,
 title = "Liquidity, Activity, Mortality",
 author = "William N. Evans and Timothy J. Moore",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "15310",
 year = "2009",
 month = "September",
 URL = "http://www.nber.org/papers/w15310",
 abstract = {We document a within-month mortality cycle where deaths decline before the 1st day of the month and then spike after the 1st.  This cycle is present across a wide variety of causes and demographic groups.  A similar cycle exists for a range of activities, suggesting the mortality cycle may be due to short-term variation in levels of activity.  We provide evidence that the within-month activity cycle is generated by liquidity.  Our results suggest a causal pathway whereby liquidity problems reduce activity, which in turn reduces mortality.  These relationships help explain the pro-cyclic nature of mortality.},
}