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| Author: | Welsch, H. |
| Title: | The magic triangle of macroeconomics: how do European countries score? |
| Journal: | Oxford Economic Papers
2011 : JAN, VOL 63:1, p. 71-93 |
| Index terms: | Europe European Union macroeconomics policy decision making welfare |
| Language: | eng |
| Abstract: | This paper researches the macroeconomic performance of the EU-12 member countries over 1990-2002 from the citizens' subjective well-being (life satisfaction) point of view. The paper uses data for over 50,000 individuals controlling for personal attributes, especially income and employment status. Life satisfaction is found to be negatively related to the unemployment rate and inflation, but positively related to the growth rate. Differing from earlier studies, the weights placed on inflation and unemployment are of a similar scale. The life satisfaction regression is used to estimate the weights for growth, employment, and price stability in a macroeconomic performance index. It is revealed that the overall country macroeconomic performance ranking is robust across alternative specifications of the index. |
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