Standard financial portfolio theory has difficulty reconciling that the risky portfolio share rises
in wealth, named the “portfolio puzzle”. This paper addresses this puzzle from the health …

This paper provides a macroeconomic explanation for the United States suffering from a
health disadvantage relative to other rich European countries despite spending much more …

We explore several possible avenues which have driven the rise in aggregate US health-
services prices since the mid-twentieth century. Our multi-sector general equilibrium model …

This article empirically investigates the determinants of aggregate health expenditure in a
panel of OECD countries from 1980 to 2005. We differ from most existing studies by testing …

This paper presents a dynamic general equilibrium model designed to examine the
macroeconomic effects and welfare implications of alternative reforms to the US health …

This paper presents a stochastic overlapping generations model with endogenous health
investment to study the transition from the existing hybrid health insurance system in …

This paper proposes a dynamic model to capture the interaction among the environment,
human capital accumulation, and economic growth. We emphasize the mechanism that …

This paper first documents several important business cycle properties of health status and
health expenditures in the US. We find that health expenditures are pro-cyclical while health …

This paper explores how the medical expenditure risk affects the households' portfolio
choice across health status theoretically in a life cycle model and empirically using machine …

This paper explores how the medical expenditure risk affects the households' portfolio
choice across health status theoretically in a life cycle model and empirically using machine …