Aslim, Erkmen Giray; Chou, Shin-yi; De, Kuhelika - National Bureau of Economic Research - 2022
business cycle. We explicitly distinguish between negative aggregate demand and supply shocks in studying how healthcare … recession. We find that healthcare employment responds procyclically to demand-induced recessions; and the reduction is driven … reduction in real personal healthcare expenditures resulting from an adverse demand shock. By contrast, we find that healthcare …