Trust in Public Institutions over the Business Cycle
AbstractWe document that trust in public institutions—and particularly trust in banks, business and government—has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear legacy of the Great Recession, and those countries whose unemployment grew the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial sector. Finally, analysis of several repeated cross-sections of confidence within U.S. states yields similar qualitative patterns, but much smaller magnitudes in response to state-specific shocks.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3389.
Date of creation: 2011
Date of revision:
trust; institutions; confidence; survey data; congress; banks; big business; media; courts;
Other versions of this item:
- Betsey Stevenson & Justin Wolfers, 2011. "Trust in Public Institutions over the Business Cycle," American Economic Review, American Economic Association, American Economic Association, vol. 101(3), pages 281-87, May.
- Betsey Stevenson & Justin Wolfers, 2011. "Trust in Public Institutions over the Business Cycle," CAMA Working Papers 2011-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Betsey Stevenson & Justin Wolfers, 2011. "Trust in public institutions over the business cycle," Working Paper Series, Federal Reserve Bank of San Francisco 2011-11, Federal Reserve Bank of San Francisco.
- Stevenson, Betsey & Wolfers, Justin, 2011. "Trust in Public Institutions over the Business Cycle," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8308, C.E.P.R. Discussion Papers.
- Betsey Stevenson & Justin Wolfers, 2011. "Trust in Public Institutions over the Business Cycle," NBER Working Papers 16891, National Bureau of Economic Research, Inc.
- Stevenson, Betsey & Wolfers, Justin, 2011. "Trust in Public Institutions over the Business Cycle," IZA Discussion Papers 5570, Institute for the Study of Labor (IZA).
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- K00 - Law and Economics - - General - - - General (including Data Sources and Description)
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wolfers, Justin, 2003.
"Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Well-Being,"
International Finance, Wiley Blackwell,
Wiley Blackwell, vol. 6(1), pages 1-26, Spring.
- Justin Wolfers, 2003. "Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing," NBER Working Papers 9619, National Bureau of Economic Research, Inc.
- Wolfers, Justin, 2003. "Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Well-Being," Research Papers, Stanford University, Graduate School of Business 1751r, Stanford University, Graduate School of Business.
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