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How Has the Crisis of 2008-2009 Affected Subjective Well-Being?

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Author Info

  • Heinz Welsch

    ()
    (University of Oldenburg, Department of Economics)

  • Jan Kühling

    ()
    (Universtity of Oldenburg, Department of Economics)

Abstract

Results of life satisfaction regressions for more than 91,000 individuals are used to investigate how the macroeconomic crisis of 2008-2009 has affected subjective well-being (SWB) in 30 OECD countries. In a number of countries, the effect of the crisis on a representative person’s SWB is of a similar magnitude as the effects of the most important personal life events. Our findings highlight the importance of GDP fluctuations for SWB.

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File URL: http://www.vwl.uni-oldenburg.de/download/V-330-11.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by University of Oldenburg, Department of Economics in its series Working Papers with number V-330-11.

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Length: 12 pages
Date of creation: Jan 2011
Date of revision: Jan 2011
Publication status: Published in Oldenburg Working Papers V-330-11
Handle: RePEc:old:dpaper:330

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Postal: 26111 Oldenburg
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Web page: http://www.vwl.uni-oldenburg.de/
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Related research

Keywords: macroeconomic crisis; growth; stability; subjective well-being;

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  1. Bruno S. Frey & Alois Stutzer, . "What can Economists Learn from Happiness Research?," IEW - Working Papers 080, Institute for Empirical Research in Economics - University of Zurich.
  2. Heinz Welsch, 2011. "The magic triangle of macroeconomics: how do European countries score?," Oxford Economic Papers, Oxford University Press, vol. 63(1), pages 71-93, January.
  3. DiTella, Rafael & MacCulloch, Robert & Oswald, Andrew J., 2001. "Preferences over inflation and unemployment: Evidence from surveys of happiness," ZEI Working Papers B 03-2001, ZEI - Center for European Integration Studies, University of Bonn.
  4. Ada Ferrer-i-Carbonell & Paul Frijters, 2002. "How important is Methodology for the Estimates of the Determinants of Happiness?," Tinbergen Institute Discussion Papers 02-024/3, Tinbergen Institute.
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