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ralph lauren polo

Kevin x.d. Huang, Hui He and Sheng-ti Hung
''Substituting Leisure for Health Expenditure: A General Equilibrium-Based Empirical Investigation''
We develop a general equilibrium macroeconomic model with endogenous health accumulation, and we use the model's equilibrium condition to estimate the elasticity of substitution between medical care and leisure time in maintaining health, based on a cross-country panel dataset. Our econometric estimates imply that increasing health-enhancing leisure time may substantially reduce the nation's medical expenditure and help resolve its pressing fiscal uncertainty. Our study highlights the importance of several current nationwide campaigns aimed at improving national health status, from not only health but macroeconomic perspectives. Our study also provides a guidance to a growing macro-health literature in modeling health production.
Keywords: general equilibrium, macro-health, health care, leisure time, elasticity of substitution, fiscal uncertainty
JEL: E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)
I1 - Health: General
Manuscript Received : Dec 14 2013 Manuscript Accepted : Dec 23 2013

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