Nick Pretnar | Macro Paper Warehousehttps://macropaperwarehouse.com/authors/nick-pretnar/Nick PretnarHugo -- gohugo.ioen-usThu, 01 Jan 2026 00:00:00 +0000Health Sector Structural Changehttps://macropaperwarehouse.com/papers/health-sector-structural-change/Thu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/health-sector-structural-change/<p>The paper investigates why the U.S. health-services sector has simultaneously experienced a tripling of relative prices since 1948 and a rise in the personal consumption expenditure (PCE) share from under 5% in the late 1940s to 19.6% by 2022. The authors attribute this structural transformation to three candidate drivers: (1) rising relative health-sector markups, (2) unbalanced technological change (differential TFP growth rates across sectors), and (3) changes to the composition of demand from population aging and improving health-investment efficiency.</p>