Recession and life satisfaction in 35 countries

Adam Mayer

International Journal of Happiness and Development, 2015, vol. 2, issue 2, 118-136

Abstract: Recessions have many consequences for subjective well-being. In this paper we consider the influence of job losses, changes in consumption, loss of wages and macro-economic factors during recession. Using a novel 35 country dataset and a combination of individual and country-level predictors we find that job loss and a reduction in staple consumption have a particularly strong negative effect on subjective well-being. These effects are partially mediated by subjective beliefs about the impact of the recession. In addition, we find that simply living in a former Soviet or 'transition' country has a strong downward influence on subjective well-being.

Keywords: economic recession; happiness; subjective well-being; life satisfaction; transition economies; mediation; job losses; consumption changes; wage losses; wages; macroeconomics. (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijhdev:v:2:y:2015:i:2:p:118-136

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