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Unemployment: Where does it Hurt?

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  • Winkelmann, Liliana
  • Winkelmann, Rainer

Abstract

We investigate how individual well-being is affected by unemployment. Analysing panel data on life satisfaction, we find that unemployment has a large and negative effect. The lack of evidence for a similar effect of non-participation casts doubt on the natural rate view of unemployment. Further, we decompose the total well-being costs of unemployment and find that between 85% and 93% are non-pecuniary, and that only 7-15% are pecuniary. The main implication is that the benefits of employment generating policies exceed the benefits of policies that are designed to mitigate the effects of unemployment through income transfers.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1093.

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Date of creation: Jan 1995
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Handle: RePEc:cpr:ceprdp:1093

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Related research

Keywords: Costs of Unemployment; Panel Data; Satisfaction;

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Cited by:
  1. Krause, Annabelle, 2013. "Don’t worry, be happy? Happiness and reemployment," Journal of Economic Behavior & Organization, Elsevier, vol. 96(C), pages 1-20.
  2. Charlier, E., 1997. "Equivalence Scales for the Former West Germany," Discussion Paper 1997-74, Tilburg University, Center for Economic Research.
  3. Piet Ouweneel, 2002. "Social Security and Well-Being of the Unemployed in 42 Nations," Journal of Happiness Studies, Springer, vol. 3(2), pages 167-192, June.
  4. Nattavudh Powdthavee, 2003. "Are there Regional Variations in the Psychological Cost of Unemployment in South Africa?," Labor and Demography 0310006, EconWPA, revised 28 Oct 2003.
  5. Gerlach, Knut & Stephan, Gesine, 1996. "A paper on unhappiness and unemployment in Germany," Economics Letters, Elsevier, vol. 52(3), pages 325-330, September.
  6. Barré, Germain, 2012. "L' « esquive » du politique des jeunes français et sa relation avec le conformisme dans la sphère privée (étude empirique)," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/9781 edited by Lazega, Emmanuel.
  7. Bigsten, Arne & Shimeles, Abebe, 2004. "Prospects for 'Pro-Poor' Growth in Africa," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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