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Happiness, Contentment and Other Emotions for Central Banks

Author: Rafael Di Tella; Robert MacCulloch
Publisher: Cambridge, Mass. National Bureau of Economic Research 2007.
Series: Working paper series (National Bureau of Economic Research), no. w13622.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We show that data on satisfaction with life from over 600,000 Europeans are negatively correlated with the unemployment rate and the inflation rate. Our preferred interpretation is that this shows that emotions are affected by macroeconomic fluctuations. Contentment is, at a minimum, one of the important emotions that central banks should focus on. More ambitiously, contentment might be considered one of the  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rafael Di Tella; Robert MacCulloch
OCLC Number: 1027303005
Notes: November 2007.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w13622.
Responsibility: Rafael Di Tella, Robert MacCulloch.

Abstract:

We show that data on satisfaction with life from over 600,000 Europeans are negatively correlated with the unemployment rate and the inflation rate. Our preferred interpretation is that this shows that emotions are affected by macroeconomic fluctuations. Contentment is, at a minimum, one of the important emotions that central banks should focus on. More ambitiously, contentment might be considered one of the components of utility. The results may help central banks understand the tradeoffs that the public is willing to accept in terms of unemployment for inflation, at least in terms of keeping the average level of one particular emotion (contentment) constant. An alternative use of these data is to study the particular channels through which macroeconomics affects emotions. Finally, work in economics on the design of monetary policy makes several assumptions (e.g., a representative agent, a summary measure of emotions akin to utility exists and that individuals only care about income and leisure) that can be used to interpret our results as weights in a social loss function.

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Primary Entity<\/h3>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/117011935#Person\/macculloch_robert<\/a>> # Robert MacCulloch<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"MacCulloch<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Robert<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Robert MacCulloch<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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Content-negotiable representations<\/p>\n