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Health expenditures as a share of GDP have more than tripled over the last half century. A common conjecture is that this is primarily a consequence of rising real per capita income, which more than doubled over the same period. We investigate this hypothesis empirically by instrumenting for...
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Health expenditures as a share of GDP have more than tripled over the last half century. A common conjecture is that this is primarily a consequence of rising real per capita income, which more than doubled over the same period. We investigate this hypothesis empirically by instrumenting for...
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the supply network determine both whether aggregate volatility disappears as the number of sectors increases (i …-output relations) and aggregate volatility, and more importantly, the relationship between higher-order interconnections and aggregate … volatility. These higher-order interconnections capture the cascade effects, whereby low productivity or the failure of a set of …
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