How Has the Crisis of 2008-2009 Affected Subjective Well-Being?

Heinz Welsch and Jan Kühling ()

No V-330-11, Working Papers from University of Oldenburg, Department of Economics

Abstract: Results of life satisfaction regressions for more than 91,000 individuals are used to investigate how the macroeconomic crisis of 2008-2009 has affected subjective well-being (SWB) in 30 OECD countries. In a number of countries, the effect of the crisis on a representative person’s SWB is of a similar magnitude as the effects of the most important personal life events. Our findings highlight the importance of GDP fluctuations for SWB.

Keywords: macroeconomic crisis; growth; stability; subjective well-being (search for similar items in EconPapers)
JEL-codes: E32 E61 I31 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2011-01, Revised 2011-01
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Published in Oldenburg Working Papers V-330-11

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