Working PaperWhether population health improves or worsens with changes in macroeconomic conditions is a long-standing question. Despite a substantial literature there is no clear consensus on the answer. Some studies find evidence that recessions are good for population health (i.e. poor health is pro-cyclical), while other studies find that health worsens in response to bad economic times (i.e. poor health is counter-cyclical). In addition, results for various health outcomes differ.