Money Illusion Under Test
AbstractMuch progress has been made in recent years in developing and applying a direct measure of utility using survey questions on satisfaction with income and with life in general. In this paper we apply this new type of measurement to the study of money illusion. Using data from the German Socio-Economic Panel for the years 1993 to 2003, we cannot reject the hypothesis of no money illusion.
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Bibliographic InfoPaper provided by Socioeconomic Institute - University of Zurich in its series SOI - Working Papers with number 0514.
Length: 7 pages
Date of creation: Nov 2005
Date of revision:
Publication status: Published in Economics Letters 94, 2007, pages 332–337
North-South; cost-of-living; subjective well-being; fixed effects;
Other versions of this item:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
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