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Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing
Justin Wolfers
University of Michigan at Ann Arbor - Department of Economics; The Ford School of Public Policy, University of Michigan; The Brookings Institution; National Bureau of Economic Research (NBER); Institute for the Study of Labor (IZA); Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Kiel Institute for the World Economy
April 2003
NBER Working Paper No. w9619
Abstract:
This paper analyzes the effects of business cycle volatility on measures of subjective well-being, including self-reported happiness and life satisfaction. I find robust evidence that high inflation and, to a greater extent, unemployment lower perceived well-being. Greater macroeconomic volatility also undermines well-being. These effects are moderate but important: eliminating unemployment volatility would raise well-being by an amount roughly equal to that from lowering the average level of unemployment by a quarter of a percentage point. The effects of inflation volatility on well-being are less easy to detect and are likely smaller.
Number of Pages in PDF File: 28
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Date posted: April 11, 2003
Suggested CitationWolfers, Justin, Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing (April 2003). NBER Working Paper No. w9619. Available at SSRN: http://ssrn.com/abstract=394727
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