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PurposeThe paper aims to study the relationship between hospital quality and hospital profits for a sample of 88 Alabama hospitals.Design/methodology/approachQuality is measured by three groups of procedures performed on newly admitted patients as suggested by the health quality alliance (HQA). Profit is measured for eight hospital services. Regression analyses tested the underlying relationships.FindingsQuality of care for newly admitted cardiac and pneumonia patients are indicators of quality translatable into profits. Given a choice between the two, the pneumonia procedures were more effective in predicting profits.Originality/valueAs one of the early extensions of the HQA methodology, this paper does demonstrate linkages between quality and profits. Total number of employees was not significant, but governmental versus non‐governmental hospital analyses provide promise for future research.

The article provides evidence that there is a relationship between government debt and interest rates via the demand for money. This relationship is examined through the wealth effect of government debt on money demand, and the robustness of the results is tested by the use of extreme bound analysis in addition to standard econometric techniques. We find that OLS regression shows government debt fnfecting the demand for money positively, implying that Federal government debt is net wealth. In addition, the extreme bound analysis shows that the estimates of the government debt coefficient are robust under alternative specifications of the Goldfeld model.

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