Economics at your fingertips  

Subjective Well-Being During the 2008 Economic Crisis: Identification of Mediating and Moderating Factors

Gregor Gonza () and Anže Burger ()
Additional contact information
Gregor Gonza: University of Ljubljana
Anže Burger: University of Ljubljana

Journal of Happiness Studies, 2017, vol. 18, issue 6, 1763-1797

Abstract: Abstract We examine the effects of the 2008 economic crisis on the reported subjective well-being (SWB) of nationally representative samples in 36 mainly European countries between 2002 and 2013. We study how SWB fluctuates along the business cycle, and how it is mediated by individual and country-level socioeconomic factors. Our key finding is that the economic crisis had a negative and S-shaped effect on SWB, implying diminishing marginal sensitivity at higher income losses and gains. During the economic downturn, roughly half of individual-level and macro-level determinants exhibit notable changes in significance and/or magnitude of the effect on SWB. This is taken as an indication of psychological adaptation and shifting reference frames. Five factors display an augmented effect on happiness and life satisfaction during the crisis (below-average income, the Gini index, attitude towards income equality, religiosity, and conscientiousness), while two determinants exhibit attenuated impact on the SWB measures (relationship status and unemployment rate).

Keywords: Subjective well-being; Happiness; Life satisfaction; Economic crisis; Hedonic adaptation (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
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:

Ordering information: This journal article can be ordered from
http://www.springer. ... fe/journal/10902/PS2

Access Statistics for this article

Journal of Happiness Studies is currently edited by Antonella Delle Fave

More articles in Journal of Happiness Studies from Springer
Bibliographic data for series maintained by Sonal Shukla ().

Page updated 2019-04-09
Handle: RePEc:spr:jhappi:v:18:y:2017:i:6:d:10.1007_s10902-016-9797-y