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The 2008/09 Economic Crisis: The Impact on Psychological Well-Being in the USA

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  • Chiara Piovani
  • Nursel Aydiner-Avsar

Abstract

The 2008/09 economic crisis has been the worst crisis of capitalism since the Great Depression. The causes and implications of the so-called "Great Recession" have been widely documented, but the effects of the crisis on psychological well-being have only received limited attention. Using state-level data, this paper aims to assess empirically the impact of the 2008/09 crisis on several indicators of mental health in the USA. The results indicate that unemployment and income levels have a significant and detrimental impact on mental health. This implies that social protection systems-and in particular labor market programs-play a paramount role in reducing the adverse impact of the crisis on mental health.

Suggested Citation

  • Chiara Piovani & Nursel Aydiner-Avsar, 2015. "The 2008/09 Economic Crisis: The Impact on Psychological Well-Being in the USA," Forum for Social Economics, Taylor & Francis Journals, vol. 44(1), pages 18-45, April.
    • Handle: RePEc:taf:fosoec:v:44:y:2015:i:1:p:18-45
    DOI: 10.1080/07360932.2014.964743
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    5. Blanchard, Olivier J. & Romer, David & Spence, Michael & Stiglitz, Joseph E. (ed.), 2012. "In the Wake of the Crisis: Leading Economists Reassess Economic Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 026201761x, December.
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    Cited by:

    1. Chiara Piovani & Nursel Aydiner-Avsar, 2021. "Work Time Matters for Mental Health: A Gender Analysis of Paid and Unpaid Labor in the United States," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(4), pages 579-589, December.

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