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Mark C. Kelly

Assistant Professor, Department of Economics

Hankamer School of Business

Baylor University

One Bear Place #98001

Waco, TX 76798


Ph.D., Economics, University of Georgia

B.S., Economics, Arizona State University

Research Interests: Macroeconomics, economic growth, medical innovation, health insurance, healthcare reform

Teaching: Principles of Macroeconomics, Intermediate Macroeconomics, Graduate Macroeconomics


Published Papers


Kelly, M.C. (2017). “Health Capital Accumulation, Health Insurance, and Aggregate Outcomes: A Neoclassical Approach.” Journal of Macroeconomics 52, 1-22.

Kelly, M.C. (2020). Medicare For All or Medicare For None? A Macroeconomic Analysis of Healthcare Reform.Journal of Macroeconomics 63, 103170.

Chatterjee, S., M.C. Kelly, and S.J. Turnovsky (2022). Foreign Aid, Public Investment, and the Informal Economy. Economic Inquiry 60(1), 174-201.

Kelly, M.C. (2022). “Growth and Welfare Implications of Mortality Differentials in Unfunded Social Security Systems” Public Finance Review 50(2), 206-235.

Kelly, M.C. and M. Kuhn (2022). "Congestion in a Public Health Service: A Macro Approach," Journal of Macroeconomics 74, 103451

Working Papers


Employer-Sponsored Student Debt Repayment

“Cost Disease and Physician Supply: An Analysis of Rising Healthcare Expenditures from the Supply Side” (with Qian Wu)

Research in Progress


The Fiscal Challenge of Funding Healthcare: Examining the Trade-offs between Rising Public Healthcare Expenditures and Discretionary Government Spending

Socially-Optimal Healthcare Spending in a Congested Public Health Service (with Michael Kuhn)

Endogenous Medical Progress and Economic Growth

Book Chapters

“Household Labor Supply and Dynamic Macroeconomic Analysis.” (with Ronald S. Warren, Jr.) In Esther Redmount (Ed.), The Economics of the Family: How the Household Affects Markets and Economic Growth, Vol. 2 (Santa Barbara, CA: Praeger, 2015), 237-265.

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