What Makes a Good Economy? An Analysis of Survey Data
This study analyzes nearly twenty-five years of U.S. survey data to determine the macroeconomic conditions associated with economies the public considers “good.” These surveys are correlated with, but distinct from, other frequently-studied, expectations-oriented indices of consumer sentiment. The primary findings are as follows: 1) inflation and unemployment, the variables in the Phillips curve, explain much of the variation in the survey data; 2) consumers’ implied loss function is nearly linear in these two variables; 3) the public is willing to trade off four percentage points of (increased) inflation for one percentage point of (decreased) unemployment.
|Date of creation:||Oct 2009|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.shsu.edu/~eco_www/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jean Boivin & Marc P. Giannoni, 2003.
"Has Monetary Policy Become More Effective?,"
NBER Working Papers
9459, National Bureau of Economic Research, Inc.
- 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.
- DiTella, Rafael & MacCulloch, Robert & Oswald, Andrew J., 2001. "Preferences over inflation and unemployment: Evidence from surveys of happiness," ZEI Working Papers B 03-2001, ZEI - Center for European Integration Studies, University of Bonn.
- Rudebusch, G.D. & Svensson, L.E.O., 1998.
"Policy Rules for Inflation Targeting,"
637, Stockholm - International Economic Studies.
- Glenn Rudebusch & Lars E.O. Svensson, 1999. "Policy Rules for Inflation Targeting," NBER Chapters, in: Monetary Policy Rules, pages 203-262 National Bureau of Economic Research, Inc.
- Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
- Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy Rules for Inflation Targeting," NBER Working Papers 6512, National Bureau of Economic Research, Inc.
- Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Working Papers in Applied Economic Theory 98-03, Federal Reserve Bank of San Francisco.
- Svensson, Lars E.O. & Rudebusch , Glenn, 1998. "Policy Rules for Inflation Targeting," Seminar Papers 637, Stockholm University, Institute for International Economic Studies.
- Rudebusch, Glenn D & Svensson, Lars E O, 1998. "Policy Rules for Inflation Targeting," CEPR Discussion Papers 1999, C.E.P.R. Discussion Papers.
- Oswald, Andrew J, 1997.
"Happiness and Economic Performance,"
Royal Economic Society, vol. 107(445), pages 1815-31, November.
- Oswald, A.J., 1997. "Happiness and Economic Performance," Papers 18, Centre for Economic Performance & Institute of Economics.
- Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics.
- Heinz Welsch, 2007. "Macroeconomics and life satisfaction: Revisiting the "misery index"," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 237-251, November.
- Sydney C. Ludvigson, 2004. "Consumer Confidence and Consumer Spending," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 29-50, Spring.
- Michael C. & Pao-Lin Tien, 2000. "Economic Discomfort and Consumer Sentiment," Eastern Economic Journal, Eastern Economic Association, vol. 26(1), pages 1-8, Winter.
When requesting a correction, please mention this item's handle: RePEc:shs:wpaper:0909. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Troy Quast)
If references are entirely missing, you can add them using this form.