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Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences

Romina Boarini, Marc Fleurbaey, Fabrice Murtin () and Paul Schreyer

Scandinavian Journal of Economics, 2022, vol. 124, issue 1, 104-138

Abstract: We develop a distribution‐adjusted welfare measure that aggregates income, unemployment, and longevity using individual weights that reflect heterogeneous preferences. The measure is implemented for 28 OECD countries for 2008–2013 to gauge the welfare effects of the Great Recession. Estimated shadow prices of one percentage point of unemployment and one year of longevity average 3.1 percent and 5.7 percent of household income, respectively. We find that the rate of GDP growth poorly reflects the social cost of the Great Recession. On average, GDP per capita stagnated across OECD countries between 2008 and 2013 while living standards of poor households fell by 5.3 percent annually.

Date: 2022
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https://doi.org/10.1111/sjoe.12461

Related works:
Working Paper: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences* (2022)
Working Paper: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences* (2022) Downloads
Working Paper: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences* (2022)
Working Paper: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences* (2022) Downloads
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Scandinavian Journal of Economics is currently edited by Richard Friberg, Matti Liski and Kjetil Storesletten

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