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Macroeconomic consequences of alternative reforms to the health insurance System in the U.S.


Feng, Zhigang (2009). Macroeconomic consequences of alternative reforms to the health insurance System in the U.S. In: Economics Seminar, City University of New York, Queens and Florida International University, Miami, 11 September 2009 - 15 September 2009.

Abstract

In this paper I employ a dynamic general equilibrium model to study macroeconomic effects and welfare implications of alternative reforms to the U.S. health insurance system. In particular, I focus on expanding Medicare to the entire population, extending Medicaid, and having an individual mandate as well as other related medical reforms. All these reforms can be financed in several ways. I consider a stochastic OLG framework with heterogeneous agents facing uncertain health shocks. Individuals make optimal decisions on labor supply, health insurance, and medical services. As the amount of optimal medical consumption and hours worked are endogenous, this environment captures general equilibrium effects. The model is calibrated to the U.S. data. Numerical simulations indicate that reforming the health insurance system has several important macroeconomic effects on health expenditures, hours worked, and welfare.

Abstract

In this paper I employ a dynamic general equilibrium model to study macroeconomic effects and welfare implications of alternative reforms to the U.S. health insurance system. In particular, I focus on expanding Medicare to the entire population, extending Medicaid, and having an individual mandate as well as other related medical reforms. All these reforms can be financed in several ways. I consider a stochastic OLG framework with heterogeneous agents facing uncertain health shocks. Individuals make optimal decisions on labor supply, health insurance, and medical services. As the amount of optimal medical consumption and hours worked are endogenous, this environment captures general equilibrium effects. The model is calibrated to the U.S. data. Numerical simulations indicate that reforming the health insurance system has several important macroeconomic effects on health expenditures, hours worked, and welfare.

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Additional indexing

Item Type:Conference or Workshop Item (Paper), not_refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Event End Date:15 September 2009
Deposited On:11 Feb 2010 02:24
Last Modified:16 Aug 2021 21:07
OA Status:Green

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