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

Author

Listed:
  • 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.

Suggested Citation

  • Heinz Welsch & Jan Kühling, 2011. "How Has the Crisis of 2008-2009 Affected Subjective Well-Being?," Working Papers V-330-11, University of Oldenburg, Department of Economics, revised Jan 2011.
  • Handle: RePEc:old:dpaper:330
    as

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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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    References listed on IDEAS

    as
    1. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March.
    2. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    3. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, July.
    4. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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