; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Macroeconomic Effects of Medicare"; ; "batchuser@example.com"; "Costa, Daniela", "Raveendranathan, Gajendran", "Nygaard, Vegard M.", "Conesa, Juan Carlos", "Kehoe, Timothy Jerome, 1953-", "Saxena, Akshar", "Kamali, Parisa "; "Federal Reserve Bank of Minneapolis"; "Overlapping generations", "Transition path", "Medicare", "Steady state", "Medicaid"; "E62 - Fiscal Policy", "E21 - Macroeconomics: Consumption; Saving; Wealth", "I13 - Health Insurance, Public and Private", "H51 - National Government Expenditures and Health"; "This paper develops an overlapping generations model to study the macroeconomic effects of an unexpected elimination of Medicare. We find that a large share of the elderly respond by substituting Medicaid for Medicare. Consequently, the government saves only 46 cents for every dollar cut in Medicare spending. We argue that a comparison of steady states is insufficient to evaluate the welfare effects of the reform. In particular, we find lower ex-ante welfare gains from eliminating Medicare when we account for the costs of transition. Lastly, we find that a majority of the current population benefits from the reform but that aggregate welfare, measured as the dollar value of the sum of wealth equivalent variations, is higher with Medicare."^^; "2017-04-26"; "2019-05-17T13:42:34.952880675+00:00"^^; "https://doi.org/10.21034/sr.548"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:36:40 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "695", "384", "156", "149", "566", "639", "394"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "548"; "Steady state", "Overlapping generations", "Transition path", "Medicaid", "Medicare"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of the Economics of Ageing_ (Vol. 11, May 2018, pp. 27-40) https://doi.org/10.1016/j.jeoa.2017.06.002."^^; ; "Publication" . ; .