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Money Illusion Under Test

Stefan Boes (), Markus Lipp and Rainer Winkelmann ()

No 514, SOI - Working Papers from Socioeconomic Institute - University of Zurich

Abstract: Much progress has been made in recent years in developing and applying a direct measure of utility using survey questions on satisfaction with income and with life in general. In this paper we apply this new type of measurement to the study of money illusion. Using data from the German Socio-Economic Panel for the years 1993 to 2003, we cannot reject the hypothesis of no money illusion.

Keywords: North-South; cost-of-living; subjective well-being; fixed effects (search for similar items in EconPapers)
JEL-codes: I31 D12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-upt
Date: 2005-11
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Published in Economics Letters 94, 2007, pages 332�337

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http://www.econ.uzh.ch/static/wp_soi/wp0514.pdf First version, 2005 (application/pdf)

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