Happiness, contentment and other emotions for central banks

LDR 02473cam a2200349Ia 4500
001 007520950
003 MiAaHDL
005 20100211000000.0
006 m d
007 cr bn ---auaua
007 cr mn|||||||||
008 071218s2007 maua b 000 0 eng d
035 ⊔ ⊔ ‡asdr-pst.a4170738
035 ⊔ ⊔ ‡a(OCoLC)184845349
040 ⊔ ⊔ ‡aIUL ‡cIUL ‡dGZM ‡dUtOrBLW
043 ⊔ ⊔ ‡ae------
100 1 ⊔ ‡aDi Tella, Rafael.
245 1 0 ‡aHappiness, contentment and other emotions for central banks / ‡cRafael Di Tella, Robert MacCulloch.
260 ⊔ ⊔ ‡aCambridge, Mass. : ‡bNational Bureau of Economic Research, ‡cc2007.
300 ⊔ ⊔ ‡a41 p. : ‡bill. ; ‡c22 cm.
490 0 ⊔ ‡aNBER working paper series ; ‡vworking paper no. 13622
500 ⊔ ⊔ ‡a"November 2007."
504 ⊔ ⊔ ‡aIncludes bibliographical references (p. 38-41).
520 ⊔ ⊔ ‡aWe 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.
530 ⊔ ⊔ ‡aAlso available in PDF from the NBER world wide web site (www.nber.org).
538 ⊔ ⊔ ‡aMode of access: Internet.
650 ⊔ 0 ‡aMonetary policy ‡xSocial aspects.
650 ⊔ 0 ‡aBanks and banking, Central ‡xSocial aspects.
650 ⊔ 0 ‡aInflation (Finance) ‡xSocial aspects.
650 ⊔ 0 ‡aUnemployment ‡xSocial aspects.
650 ⊔ 0 ‡aHappiness ‡xEconomic aspects ‡zEurope.
700 1 ⊔ ‡aMacCulloch, Robert ‡q(Robert J.)
710 2 ⊔ ‡aNational Bureau of Economic Research.
CID ⊔ ⊔ ‡a007520950
DAT 0 ⊔ ‡a20080303121436.0 ‡b20100211000000.0
DAT 1 ⊔ ‡a20120815061326.0 ‡b2024-01-13T03:04:15Z
DAT 2 ⊔ ‡a2024-01-12T18:30:02Z
CAT ⊔ ⊔ ‡aSDR-PST ‡dUNKNOWN ‡lloader.pl-001-001
FMT ⊔ ⊔ ‡aBK
HOL ⊔ ⊔ ‡0sdr-pst.a4170738 ‡apst ‡bSDR ‡cPST ‡ppst.000062643832 ‡sPST ‡zno.13622 ‡1a4170738
974 ⊔ ⊔ ‡bPST ‡cPST ‡d20240113 ‡sgoogle ‡upst.000062643832 ‡zno.13622 ‡y2007 ‡ric ‡qbib ‡tUS bib date1 >= 1929