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

  • Heinz Welsch


    (University of Oldenburg, Department of Economics)

  • Jan Kühling


    (Universtity of Oldenburg, Department of Economics)

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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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
Contact details of provider: Postal: 26111 Oldenburg
Phone: +49 441 798-4107
Fax: +49 441 798-4116
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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. 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.
  3. 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.
  4. 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, 07.
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