Macroeconomics and life satisfaction: Revisiting the "misery index"
AbstractUsing 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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Bibliographic InfoArticle provided by Universidad del CEMA in its journal Journal of Applied Economics.
Volume (Year): X (2007)
Issue (Month): (November)
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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, Well-Being, and Poverty - - - General Welfare, Well-Being
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- Christopher Ambrey & Christopher Fleming, 2014. "Life Satisfaction in Australia: Evidence from Ten Years of the HILDA Survey," Social Indicators Research, Springer, vol. 115(2), pages 691-714, January.
- Ewa, Lechman, 2009. "Okun`s and Barro`s Misery Index as an alternative poverty assessment tool. Recent estimations for European countries," MPRA Paper 37493, University Library of Munich, Germany.
- Jorge M. Streb, 2011. "Estabilización económica e incentivos políticos," CEMA Working Papers: Serie Documentos de Trabajo. 461, Universidad del CEMA.
- Heinz Welsch & Jan Kühling, 2011. "Comparative Economic Performance and Institutional Change in OECD Countries: Evidence from Subjective Well-Being Data," Working Papers V-342-11, University of Oldenburg, Department of Economics, revised Dec 2011.
- Darren Grant, 2009. "What Makes a Good Economy? An Analysis of Survey Data," Working Papers 0909, Sam Houston State University, Department of Economics and International Business.
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