Modelling health and output at business cycle horizons for the USA
构建了一个包含健康因素的凯恩斯宏观模型，分析永久性和暂时性冲击对美国经济周期中健康支出和产出波动的相对重要性，发现永久冲击主导产出波动，暂时冲击主导健康支出波动，且公私健康支出对冲击的反应不同。
In this paper we employ a theoretical framework - a simple macro model augmented with health - that draws guidance from the Keynesian view of business cycles to examine the relative importance of permanent and transitory shocks in explaining variations in health expenditure and output at business cycle horizons for the USA. The variance decomposition analysis of shocks reveals that at business cycle horizons permanent shocks explain the bulk of the variations in output, while transitory shocks explain the bulk of the variations in health expenditures. We undertake a shock decomposition analysis for private health expenditures versus public health expenditures and interestingly find that while transitory shocks are more important for private sector expenditures, permanent shocks dominate public health expenditures.