An Endogenous Growth Model with a Health Sector

Matthias Schön, Dirk Krueger, Alexander Ludwig and Jesus Fernandez-Villaverde

No 767, 2017 Meeting Papers from Society for Economic Dynamics

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.

Date: 2017
New Economics Papers: this item is included in nep-dge and nep-gro
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