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What Role for Macroeconomic Environment on Living Standards in Times of Crisis and Uncertainty

Vasileios Vlachos

Chapter Chapter 6 in Crises and Uncertainty in the Economy, 2022, pp 97-109 from Springer

Abstract: Abstract This chapter examines the impact of macroeconomic factors on living standards in times of macroeconomic uncertainty. Estimates of the effect of macroeconomic factors on the living standards of euro area states that were mostly hit by this century’s great recession, provide economic policy orientations to achieve Europe 2030 goals on poverty reduction. This study shows that the role of government expenditure in terms of social protection benefits and unemployment benefits, is critical to the size of severe material deprivation. Through disaggregating countries into subsamples among more industrial economies and lesser ones, the results highlight that economic growth for industrial economies (lesser industrial economies) will (will not) contribute to the reduction of severe material deprivation through labor and wages channels. Interestingly, the results show that the decrease of severe material deprivation rates will be less time consuming in economies with smaller income gaps.

Keywords: Economic crisis; European Union; Living standards; Macroeconomic uncertainty; Material deprivation (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-981-19-3296-0_6

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