Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/35973
Authors: 
Giuliano, Paola
Spilimbergo, Antonio
Year of Publication: 
2009
Series/Report no.: 
IZA Discussion Papers 4365
Abstract: 
Do generations growing up during recessions have different socio-economic beliefs than generations growing up in good times? We study the relationship between recessions and beliefs by matching macroeconomic shocks during early adulthood with self-reported answers from the General Social Survey. Using time and regional variations in macroeconomic conditions to identify the effect of recessions on beliefs, we show that individuals growing up during recessions tend to believe that success in life depends more on luck than on effort, support more government redistribution, but are less confident in public institutions. Moreover, we find that recessions have a long-lasting effect on individuals' beliefs.
Subjects: 
Beliefs formation
macroeconomic shocks
JEL: 
P16
E60
Z13
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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