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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:scandj:v:124:y:2022:i:1:p:104-138

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0347-0520

Access Statistics for this article

Scandinavian Journal of Economics is currently edited by Richard Friberg, Matti Liski and Kjetil Storesletten

More articles in Scandinavian Journal of Economics from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().