Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/161075
Authors: 
Ifcher, John
Zarghamee, Homa
Cabacungan, Amanda
Year of Publication: 
2016
Series/Report no.: 
IZA Discussion Papers 10452
Abstract: 
Using data from the U.S. Centers for Disease Control and Prevention's Behavioral Risk Factor Surveillance System, we examine the impact of the Great Recession on subjective well-being (as measured by life satisfaction) and attempt to identify disparate effects by age. We find that those approaching retirement age (aged 55 to 64) experienced reduced life-satisfaction after the recession, whereas younger working-aged adults did not. The disparate effects by age cannot be explained by income or unemployment trends, but may be explained by wealth effects. For example, we find that the life satisfaction of those approaching retirement age, but not of younger working-age adults, is closely correlated with wealth indices (e.g., the Case-Shiller Housing Price Index and the S&P 500 Index).
Subjects: 
subjective well-being
life satisfaction
Great Recession
wealth effect
retirement
and happiness
JEL: 
G01
D14
D91
D6
I31
Document Type: 
Working Paper

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