Acemoglu, Daron; Finkelstein, Amy; Notowidigdo, Matthew J. - In: The Review of Economics and Statistics 95 (2013) 4, pp. 1079-1095
Health expenditures as a share of GDP in the United States have more than tripled over the past half-century. A common conjecture is that this is a consequence of rising income. We investigate this hypothesis by instrumenting for local area income with time series variation in oil prices...