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An Endogenous Growth Model with a Health Sector

Author

Listed:
  • Matthias Schön

    (Deutsche Bundesbank)

  • Dirk Krueger

    (University of Pennsylvania)

  • Alexander Ludwig

    (Research Center SAFE, Goethe University)

  • Jesus Fernandez-Villaverde

    (University of Pennsylvania)

Abstract

We develop an overlapping generations model with endogenous growth and a health sector, in order to explain three secular facts characteriz- ing the U.S. economy: a substantial increase in life expectancy, a rise in the share of GDP devoted to health-related expenditures as well as an increase in the relative price of medical goods. We show how to inter- pret these observations as the equilibrium outcome of a model in which technological progress through quality improvements is endogenously directed to the sector producing medical goods.

Suggested Citation

  • Matthias Schön & Dirk Krueger & Alexander Ludwig & Jesus Fernandez-Villaverde, 2017. "An Endogenous Growth Model with a Health Sector," 2017 Meeting Papers 767, Society for Economic Dynamics.
    • Handle: RePEc:red:sed017:767
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    Cited by:

    1. Andrea Papetti, 2021. "Population aging, relative prices and capital flows across the globe," Temi di discussione (Economic working papers) 1333, Bank of Italy, Economic Research and International Relations Area.

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