Time‐varying income elasticities of healthcare expenditure for the OECD and Eurozone
提出一个允许系数随时间变化的面板数据模型，分析经合组织和欧元区1995-2004年医疗支出收入弹性的变化，发现弹性略增但始终小于1，表明医疗并非奢侈品。
Summary We propose a panel data model for nonstationary variables with interactive fixed effects and coefficients that may vary over time and use it to examine time variation in the income elasticity of health expenditures in the OECD and the Eurozone. Our empirical analysis shows that the income elasticity of healthcare expenditure slightly increased in the OECD and the Eurozone during 1995–2004 but remained below one. This finding suggests that healthcare is not a luxury good in these countries.