Does inflation affect well-being?

David Leblang (), Michael D. Smith () and Dennis Wesselbaum ()
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David Leblang: University of Virginia
Michael D. Smith: Alaska Fisheries Science Center
Dennis Wesselbaum: University of Otago

Empirical Economics, 2025, vol. 69, issue 3, No 14, 1527-1549

Abstract: Abstract After years of low and stable inflation, high inflation rates have returned in many countries around the world. This paper highlights the importance of outliers for the study of whether inflation is associated with individual-level well-being using cross-country data. We combine Gallup World Poll individual-level data from 150 countries between 2007 and 2019 with inflation data obtained from the International Monetary Fund (N = 1,946,459). We conduct a conceptual replication of the paper by El-Jahel et al. (J Money Credit Bank 55:2001, 2022). We replicate the main finding that inflation is significantly associated with well-being in the full sample (p

Keywords: Inflation; Monetary policy; Outliers; Well-being (search for similar items in EconPapers)
JEL-codes: D31 D63 I31 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s00181-025-02761-w

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