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http://ssrn.com/abstract=1455527
 
 

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Growing Up in a Recession: Beliefs and the Macroeconomy


Paola Giuliano


University of California, Los Angeles (UCLA) - Anderson School of Management; Institute for the Study of Labor (IZA)

Antonio Spilimbergo


International Monetary Fund (IMF) - Research Department; Centre for Economic Policy Research (CEPR); University of Michigan at Ann Arbor - The William Davidson Institute


IZA Discussion Paper No. 4365

Abstract:     
Do generations growing up during recessions have different socio-economic beliefs than generations growing up in good times? We study the relationship between recessions and beliefs by matching macroeconomic shocks during early adulthood with self-reported answers from the General Social Survey. Using time and regional variations in macroeconomic conditions to identify the effect of recessions on beliefs, we show that individuals growing up during recessions tend to believe that success in life depends more on luck than on effort, support more government redistribution, but are less confident in public institutions. Moreover, we find that recessions have a long-lasting effect on individuals' beliefs.

Number of Pages in PDF File: 42

Keywords: beliefs formation, macroeconomic shocks

JEL Classification: P16, E60, Z13

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Date posted: August 18, 2009  

Suggested Citation

Giuliano, Paola and Spilimbergo, Antonio, Growing Up in a Recession: Beliefs and the Macroeconomy. IZA Discussion Paper No. 4365. Available at SSRN: http://ssrn.com/abstract=1455527

Contact Information

Paola Giuliano
University of California, Los Angeles (UCLA) - Anderson School of Management ( email )
110 Westwood Plaza
Los Angeles, CA 90095-1481
United States
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
Antonio Spilimbergo (Contact Author)
International Monetary Fund (IMF) - Research Department ( email )
700 19th Street NW
Washington, DC 20431
United States
202-623-6346 (Phone)
202-623-6336 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
University of Michigan at Ann Arbor - The William Davidson Institute ( email )
724 E. University Ave.
Wyly Hall
Ann Arbor, MI 48109-1234
United States
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