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Music preferences as an instrument of emotional self-regulation along the business cycle

Author

Listed:
  • Juan Lucio

    (Universidad de Alcalá)

  • Marco Palomeque

    (Universidad de Alcalá)

Abstract

This paper studies the influence of macroeconomic conditions on subjective well-being and music preferences. The macroeconomic cycle exerts an effect on happiness and well-being that consumers counterbalance by modifying music consumption. We use machine learning techniques to make a weekly classification of the top 100 songs of Billboard Hot 100 into positive and negative lyrics over the period 1958–2019. When unemployment is high, society generally prefers more positive songs. Other macroeconomic indicators such as high inflation, high interest rates or low stock market prices also affect musical preferences. These results provide initial evidence regarding the use of cultural consumption to offset business cycle oscillations.

Suggested Citation

  • Juan Lucio & Marco Palomeque, 2023. "Music preferences as an instrument of emotional self-regulation along the business cycle," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(2), pages 181-204, June.
    • Handle: RePEc:kap:jculte:v:47:y:2023:i:2:d:10.1007_s10824-022-09454-7
    DOI: 10.1007/s10824-022-09454-7
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    More about this item

    Keywords

    Unemployment; Business cycle; Music consumption; Culture; Wellbeing;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • E7 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics

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