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Crisis, unemployment and psychological wellbeing in Canada

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  • Latif, Ehsan
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    Abstract

    Using longitudinal Canadian data, this paper explores the impact of unemployment on psychological wellbeing. To control for unobserved individual specific heterogeneity, this paper adopted sophisticated econometric techniques. The study suggests that unemployment has significant negative effect on psychological wellbeing and the paper finds that non-pecuniary costs of unemployment is much larger than the pecuniary costs associated with the loss of income while unemployed. The paper further finds that for individuals aged 15-54, being out of labor force also has adverse impact on psychological wellbeing. The study concludes that unemployment is more likely involuntary and thus in the face of unemployment, the policy makers need to use all possible ways to create jobs.

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    File URL: http://www.sciencedirect.com/science/article/B6V82-509W71T-1/2/dc89496674be6a3797f5e87c0260f1aa
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Policy Modeling.

    Volume (Year): 32 (2010)
    Issue (Month): 4 (July)
    Pages: 520-530

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    Handle: RePEc:eee:jpolmo:v:32:y::i:4:p:520-530

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    Web page: http://www.elsevier.com/locate/inca/505735

    Related research

    Keywords: Unemployment Non-pecuniary costs New Classical Economics;

    References

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    1. John F. Helliwell, 2002. "How's Life? Combining Individual and National Variables to Explain Subjective Well-Being," NBER Working Papers 9065, National Bureau of Economic Research, Inc.
    2. Clark, Andrew & Knabe, Andreas & Rätzel, Steffen, 2010. "Boon or bane? Others' unemployment, well-being and job insecurity," Labour Economics, Elsevier, vol. 17(1), pages 52-61, January.
    3. Bruno S. Frey & Alois Stutzer, . "Happiness, Economy and Institutions," IEW - Working Papers 015, Institute for Empirical Research in Economics - University of Zurich.
    4. Bruno S. Frey & Alois Stutzer, 2010. "Recent Advances in the Economics of Individual Subjective Well-Being," Working papers 2010/04, Faculty of Business and Economics - University of Basel.
    5. Blanchflower, David G. & Oswald, Andrew J., 2007. "Is Well-being U-Shaped over the Life Cycle?," The Warwick Economics Research Paper Series (TWERPS) 826, University of Warwick, Department of Economics.
    6. Gerdtham, Ulf-G & Johannesson, Magnus, 1997. "The Relationship between Happiness, Health and Socio-economic Factors: Results Based on Swedish Micro Data," Working Paper Series in Economics and Finance 207, Stockholm School of Economics.
    7. David G. Blanchflower & Andrew J. Oswald, 2000. "Well-Being Over Time in Britain and the USA," NBER Working Papers 7487, National Bureau of Economic Research, Inc.
    8. William A. Darity & Arthur H. Goldsmith, 1996. "Social Psychology, Unemployment and Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 121-140, Winter.
    9. Eva M. Berger, 2009. "Maternal Employment and Happiness: The Effect of Non-Participation and Part-Time Employment on Mothers' Life Satisfaction," SOEPpapers on Multidisciplinary Panel Data Research 178, DIW Berlin, The German Socio-Economic Panel (SOEP).
    10. Gerlach, Knut & Stephan, Gesine, 1996. "A paper on unhappiness and unemployment in Germany," Economics Letters, Elsevier, vol. 52(3), pages 325-330, September.
    11. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, 07.
    12. Powdthavee, Nattavudh, 2008. "Putting a price tag on friends, relatives, and neighbours: Using surveys of life satisfaction to value social relationships," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(4), pages 1459-1480, August.
    13. Winkelmann, Liliana & Winkelmann, Rainer, 1998. "Why Are the Unemployed So Unhappy? Evidence from Panel Data," Economica, London School of Economics and Political Science, vol. 65(257), pages 1-15, February.
    14. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May.
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    Cited by:
    1. Nikoloski, Zlatko & Ajwad, Mohamed Ihsan, 2013. "Do economic crises lead to health and nutrition behavior responses ? analysis using longitudinal data from Russia," Policy Research Working Paper Series 6538, The World Bank.
    2. Grogan, Louise & Koka, Katerina, 2013. "Economic crises and wellbeing: Social norms and home production," Journal of Economic Behavior & Organization, Elsevier, vol. 92(C), pages 241-258.
    3. Peter Meer, 2014. "Gender, Unemployment and Subjective Well-Being: Why Being Unemployed Is Worse for Men than for Women," Social Indicators Research, Springer, vol. 115(1), pages 23-44, January.
    4. Labeaga, José M. & Molina, José Alberto & Navarro, María, 2011. "Deprivation using satisfaction measures in Spain: An evaluation of unemployment benefits," Journal of Policy Modeling, Elsevier, vol. 33(2), pages 287-310, March.

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