“…Studies looking both across and within countries reveal strong correlations between income and health (Cutler et al, 2006;Adda et al, 2009;Currie, 2009;Banerjee et al, 2010;Bengtsson, 2010;Baird et al, 2011;Ebenstein et al, 2015). In terms of a causal link, some of the best identified studies of the impacts of income on health consider either extreme events that provide natural experiments-like droughts (Lohmann and Lechtenfeld, 2015;Hyland and Russ, 2019), blights (Banerjee et al, 2010), prolonged blackouts (Burlando, 2014), war and armed conflict (Akresh et al, 2012;Minoiu and Shemyakina, 2014), recessions (Bhalotra, 2010), or financial crises (Cutler et al, 2002;Van den Berg et al, 2006;Bozzoli and Quintana-Domeque, 2014;Hidrobo, 2014)-or randomized controlled trials of cash transfer programs. However, extreme events can have unique behavioral impacts, such as reduced life satisfaction (Luechinger and Raschky, 2009), increased risk aversion (Cameron and Shah, 2015), and reduced aspirations for the future (Kosec and Mo, 2017), which smaller fluctuations in income do not bring about.…”