The effects of age and job protection on the welfare costs of inflation and unemployment
Leonardo Becchetti (),
Stefano Castriota and
Giovanni Giuntella ()
European Journal of Political Economy, 2010, vol. 26, issue 1, 137-146
We extend the happiness literature on the welfare costs of inflation and unemployment by looking at age and job market characteristics. Our findings show that the relative welfare cost of unemployment versus inflation is higher than one, and much higher in intermediate age cohorts and in low job protection countries. The potential role of our findings in explaining the heterogeneous behaviour of CBs under different job market settings is discussed and compared with alternative explanations based on other institutional or structural differences in economies and in their reactions to shocks.
Keywords: Phillips; curve; Unemployment/inflation; trade-off; Happiness; Employment; protection; Aging; population (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:26:y:2010:i:1:p:137-146
Access Statistics for this article
European Journal of Political Economy is currently edited by J. De Haan, A. L. Hillman and H. W. Ursprung
More articles in European Journal of Political Economy from Elsevier
Bibliographic data for series maintained by Nithya Sathishkumar ().