Working Paper Series Health Economics Series No. 2016-02 Adjusting Measures of Economic Output for Health: Is the Business Cycle Countercyclical? Mark Egan, Casey Mulligan and Tomas J. Philipson July 1, 2015 Keywords: National Accounts, Health Economics, Macroeconomics JEL Codes: E01, I1 Becker Friedman Institute for Research in Economics Contact: 773.702.5599 bf @ uchicago . edu bf . uchicago . edu