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Macroeconomics and life satisfaction: Revisiting the "misery index"

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Author Info
Heinz Welsch (University of Oldenburg)
Abstract

Using data from surveys of life satisfaction, evidence has been presented that European citizens’ subjective well-being is inversely related to inflation and unemployment. Motivated by the “Barro Misery Index”, this paper reconsiders the relationship between macroeconomics and subjective well-being by including the growth rate and the long-term interest rate as additional variables in life satisfaction regressions. The paper finds that people care about growth and employment on the one hand and stability on the other, where stability may alternatively be captured by the inflation rate or the long-term interest rate. Stability, measured in whichever of these ways, does not seem to be less important to European citizens than growth and employment.

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File URL: http://www4.cema.edu.ar/pjae/m/158Welsch200711
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Publisher Info
Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): X (2007)
Issue (Month): (November)
Pages: 237-251
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Handle: RePEc:cem:jaecon:v:10:y:2007:n:2:p:237-251

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Related research
Keywords: misery index; social welfare function; inflation; unemployment; subjective wellbeing; life satisfaction;

Find related papers by JEL classification:
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare

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This page was last updated on 2009-11-30.

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