The Financial Crisis and the Well-Being of America
In: Investigations in the Economics of Aging
AbstractI use daily data on self-reported well-being (SWB) to examine how the Great Recession affected the emotional and evaluative lives of the population. In the fall of 2008 and lasting into the spring of 2009, at the bottom of the stock market, Americans reported sharp declines in their life evaluation, sharp increases in worry and stress, and declines in positive affect. By the end of 2010, in spite of continuing high unemployment, these measures had largely recovered. The SWB measures do a better job of monitoring short-run levels of anxiety than the medium-term evolution of the economy. Even very large macroeconomic shocks will cause small and hard to detect effects on SWB. Life evaluation questions are extremely sensitive to question order effects--asking political questions first reduces reported life evaluation by an amount that dwarfs the effects of even the worst of the crisis. Copyright 2012 Oxford University Press 2011 All rights reserved, Oxford University Press.
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- Angus Deaton, 2012. "The financial crisis and the well-being of Americans," Oxford Economic Papers, Oxford University Press, vol. 64(1), pages 1-26, January.
- Angus S. Deaton, 2011. "The Financial Crisis and the Well-Being of Americans," NBER Working Papers 17128, National Bureau of Economic Research, Inc.
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- H0 - Public Economics - - General
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
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