[태그:] Subjective Well‐Being

This paper analyzes the impact of institutions upon happiness through their intermediary impact upon individual trust. The empirical work is based on Eurobarometer data covering the 15 countries of the EU prior to its expansion in 2004. With respect to trust, we present evidence that, although it is endogenous with respect to the performance of the institution, changes in the individual's personal circumstances can also ...

This paper analyses 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 ...