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Contribution Details
| Type | Conference or Workshop Paper |
| Scope | Discipline-based scholarship |
| Published in Proceedings | Yes |
| Title | Consequences of valuing health: A macroeconomic perspective |
| Organization Unit | |
| Authors |
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| Presentation Type | paper |
| Item Subtype | Original Work |
| Refereed | No |
| Status | Published in final form |
| Language |
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| Page Range | 1 - 16 |
| Event Title | 8th World Congress on Health Economics |
| Event Type | conference |
| Event Location | Toronto |
| Event Start Date | July 10 - 2011 |
| Event End Date | July 13 - 2011 |
| Abstract Text | In this paper we study the implications of valuing health in an otherwise standard real business cycle model. We contrast the model predictions over the business cycle with the corresponding data counterparts. We find that health can improve the predictions of the standard real business cycle model. In particular, the benchmark model with health improves the predictions in terms of the comovements between investment and market hours relative to output. Considering health in the environment also increases the volatility of consumption, investment and market hours while slightly reducing output volatility. In terms of health observables the benchmark model is able to account for practically all comovement between health outcomes and health expenditures as well as with output. |
| Related URLs | |
| Other Identification Number | merlin-id:413 |
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