We examine the effects of the 2008 economic crisis on the reported subjective well-being (SWB) of nationally representative samples in 36 mainly European countries between 2002 and 2013. We study how SWB fluctuates along the business cycle, and how it is mediated by individual and country-level socioeconomic factors. Our key finding is that the economic crisis had a negative and S-shaped effect on SWB, implying diminishing marginal sensitivity at higher income losses and gains. During the economic downturn, roughly half of individual-level and macro-level determinants exhibit notable changes in significance and/or magnitude of the effect on SWB. This is taken as an indication of psychological adaptation and shifting reference frames. Five factors display an augmented effect on happiness and life satisfaction during the crisis (below-average income, the Gini index, attitude towards income equality, religiosity, and conscientiousness), while two determinants exhibit attenuated impact on the SWB measures (relationship status and unemployment rate).
This is a preview of subscription content, access via your institution.
Buy single article
Instant access to the full article PDF.
Tax calculation will be finalised during checkout.
Subscribe to journal
Immediate online access to all issues from 2019. Subscription will auto renew annually.
Tax calculation will be finalised during checkout.
Some of the interviews in Round 6 were conducted in 2013. In the analysis, we use the actual year of the interview and the corresponding macro-level variables.
To gain more nuanced evidence, we have successively added the remaining controls to the specification with a standard set of sociodemographic individual controls and observed the corresponding changes in the recession dummy coefficient. When individual psychological traits and days of the week are added, the coefficient drops from −0.131*** (column 2 in Table 1) to −0.091***. Adding GDP per capita and unemployment rate reduces the coefficient further to −0.030**. The remaining macroeconomic variables bring it to 0.00398, the value reported in column 3 in Table 1. The fact that the recession dummy is strongly correlated with GDP per capita and the unemployment rate explains the abovementioned substantial drop in the regression coefficient.
Multivariate local smoothing was performed by the mrunning Stata module by Royston and Cox (2005) for lowess smoothing with multiple predictors.
Both specifications exclude recession dummy and most of the macro controls (except inflation, Gini coefficient and life expectancy) and include individual level controls, unemployment rate and country and year dummies.
Akay, A., & Martinsson, P. (2009). Sundays Are Blue: Aren’t They? The Day-of-the-Week Effect on Subjective Well-Being and Socio-Economic Status. IZA Discussion Paper No. 4563.
Alesina, A., Di Tella, R., & MacCulloch, R. (2004). Inequality and happiness: Are Europeans and Americans different? Journal of Public Economics, 88(9), 2009–2042.
Argyle, M. (1999). Causes and Correlates of Happiness. In D. Kahneman, E. Diener, & N. Schwarz (Eds.), Well-being: Foundations of Hedonic Psychology (pp. 353–374). New York: Russell Sage Foundation.
Baetschmann, G. (2014). Heterogeneity in the Relationship between Happiness and Age: Evidence from the German Socio-Economic Panel. German Economic Review, 15(3), 393–410.
Balatsky, G., & Diener, E. (1993). Subjective well-being among Russian students. Social Indicators Research, 28(3), 225–243.
Bartram, D. (2011). Economic migration and happiness: Comparing immigrants’ and natives’ happiness gains from income. Social Indicators Research, 103(1), 57–76.
Becchetti, L., Castriota, S., & Giuntella, G. O. (2010). The effects of age and job protection on the welfare costs of inflation and unemployment. European Journal of Political Economy, 26(1), 137–146.
Becchetti, L., & Pelloni, A. (2013). What are we learning from the life satisfaction literature? International Review of Economics, 60(2), 113–155.
Beegle, K., Himelein, K., & Ravallion, M. (2012). Frame-of-reference bias in subjective welfare. Journal of Economic Behavior & Organization, 8(2), 556–570.
Bell, N. F. D., & Blanchflower, D. G. (2010). UK unemployment in the Great Recession. National Institute Economic Review, 214(1), R3–R25.
Berry, B. J. L., & Okulicz-Kozaryn, A. (2011). An Urban-Rural Happiness Gradient. Urban Geography, 32(6), 871–883.
Bjørnskov, C. (2008). Healthy and happy in Europe? On the association between happiness and life expectancy over time. Social Science and Medicine, 66(8), 1750–1759.
Bjørnskov, C. (2010). How Comparable are the Gallup World Poll Life Satisfaction Data? Journal of Happiness Studies, 11(1), 41–60.
Bjørnskov, C. (2014). Do Economic Reforms Alleviate Subjective Well-Being Losses of Economic Crises? Journal of Happiness Studies, 15(1), 163–182.
Bjørnskov, C., Dreher, A., & Fischer, J. A. V. (2010). Formal institutions and subjective well-being: Revisiting the cross-country evidence. European Journal of Political Economy, 26(4), 412–430.
Blanchflower, G. D., Bell, D. N. F., Montagnoli, A., & Moro, M. (2014). The Happiness Trade-Off between Unemployment and Inflation. Journal of Money, Credit and Banking, 46(2), 117–141.
Blanchflower, G. D., & Oswald, A. J. (2011). International Happiness A New View on the Measure of Performance. Academy of Management Working paper Perspectives, 25(1), 6–22.
Blinder, S. A. (1973). Wage Discrimination: Reduced Form and Structural Estimates. The Journal of Human Resources, 8(4), 436–455.
Blinder, S. A. (2006). Offshoring: The next industrial revolution? Foreign Affairs, 85(2), 113–128.
Blinder, S. A. (2009). How many U.S. jobs might be offshorable? World Economics, 10(2), 41–78.
Boarini, R., Comola, M., Smith, C., Manchin, R., & De Keulenaer, F. (2012). What makes for a better life?: The determinants of subjective well-being in OECD countries–Evidence from the Gallup World Poll. OECD Publishing No. 2012/3.
Bollen, J., Mao, H., & Zeng, X. (2010). Twitter mood predicts the stock market. Journal of Conceptual science, 2(1), 1–8.
Borghesi, S., & Vercelli, A. (2012). Happiness and health: Two Paradoxes. Journal of Economic Surveys, 26(2), 203–233.
Brickman, P., & Campbell, D. T. (1971). Hedonic relativism and planning the good society. In M. H. Appley (Ed.), Adaptation level theory: A symposium (pp. 287–302). New York: Academic Press.
Burns, W. J., Peters, E., & Slovic, P. (2012). Risk perception and the economic crisis: A longitudinal study of the trajectory of perceived risk. Risk Analysis, 32(4), 659–677.
Charles, T. S., Reynolds, C. A., & Gatz, M. (2001). Age-Related Differences and Change in Positive and Negative Affect over 23 Years. Journal of Personality and Social Psychology, 80(1), 136–151.
Chen, W. (2012). How Education Enhances Happiness: Comparison of Mediating Factors in Four East Asian Countries. Social Indicators Research, 106(1), 117–131.
Clark, E. A. (2003). Unemployment as a Social Norm: Psychological Evidence from Panel Data. Journal of Labor Economics, 21(2), 289–322.
Clark, E. A., Frijters, P., & Shields, M. A. (2008). Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles. Journal of economic Literature, 456(1), 95–144.
Clark, E. A., & Senik, C. (2011). Is happiness different from flourishing? Cross-country evidence from the ESS. Revue d`économie politique, 121(1), 17–34.
Clark, E. A., Westergaard-Nielsen, N., & Kristensen, N. (2009). Economic satisfaction and income rank in small neighbourhoods. Journal of the European Economic Association, 7(2,3), 519–527.
Costa, T. P., & McCrae, R. R. (1992). Revised NEO Personality Inventory (NEO PI-R) and NEO Five-Factor Inventory Professional Manual. Odessa, FL: Psychological Assessment Resources.
Costa, T. P., Zonderman, A. B., McCrae, R. R., Cornoni-Huntley, J., Locke, B. Z., & Barbano, H. E. (1987). Longitudinal Analyses of Psychosocial Well-Being in a National Sample: Stability of Mean Levels. Journal of Gerontology, 42(1), 50–55.
Csikszentmihaly, M., Patton, J. D., & Lucas, M. (1997). Le bonheur, l’expe´rience optimale et les valeurs spirituelles: Une e´tude empirique aupre`s d’adolescents (Happiness, the optimal experience and spiritual values: An empirical study of adolescents). Revue Que´be´coise de Psychologie, 18(2), 167–190.
Csikszentmihalyi, M., & Hunter, J. (2003). Happiness and Everyday Life: The Uses of Experience Sampling. Journal of Happiness Studies, 4(2), 185–199.
Cummins, A. R., Eckersley, R., Pallant, J., Van Vugt, J., & Misajon, R. (2003). Developing a national index of subjective wellbeing: The Australian Unity Wellbeing Index. Social Indicators Research, 64(2), 159–190.
Cummins, A. R., & Lau, A. L. D. (2011). Well-being across cultures: Issues of measurement and the interpretation of data. In K. D. Keith (Ed.), Cross-Cultural Psychology: A Contemporary Reader (pp. 365–379). New York: Wiley/Blackwell.
Cunado, J., & de Garcia, F. P. (2010). Education and happiness and Spain. Investigaciones de Economía de la Educación, 5(1), 206–221.
Darity, W., & Goldsmith, A. H. (1996). Social psychology, unemployment and macroeconomics. The Journal of Economic Perspectives, 10(1), 121–140.
Deaton, A. (2008). Income, Health and Well-Being Around the World: Evidence From the Gallup World Poll. Journal of Economic Perspectives, 22(2), 53–72.
Deaton, A. (2012). The Financial Crisis and the Well-Being of Americans. Oxford Economic Papers, 64(1), 1–26.
Deci, L. E., & Ryan, R. M. (2006). Hedonia, Eudaimonia, and Well-being: An introduction. Journal of Happiness Studies, 9(1), 1–11.
Di Tella, R., & MacCulloch, R. (2006). Some uses of happiness data in economics. Journal of Economic Perspectives, 20(1), 25–46.
Di Tella, R., MacCulloch, R., & Oswald, A. J. (2001). Preferences over inflation and unemployment: Evidence from surveys of happiness. American Economic Review, 91(1), 335–341.
Di Tella, R., MacCulloch, R., & Oswald, A. J. (2003). The macroeconomics of happiness. Review of Economics and Statistics, 85(4), 809–827.
Diener, E. (1984). Subjective Well-Being. Psychological Bulletin, 95(3), 542–575.
Diener, E. (2006). Guidelines for National Indicators of Subjective Well-Being and Ill-Being. Applied Research in Quality of Life, 1(2), 151–157.
Diener, E., & Biswas-Diener, R. (2002). Will money increase subjective well-being? Social Indicator Research, 57(2), 119–169.
Diener, E., Kahneman, D., Tov, W., & Arora, R. (2010). Income’s Association with Judgments of Life Versus Feelings. In E. Diener, J. F. Helliwell, & D. Kahneman (Eds.), International Differences in Well-Being (pp. 3–15). New York: Oxford University Press.
Diener, E., & Lucas, R. E. (1999). Personality and subjective well-being. In D. Kahneman, E. Diener, & N. Schwarz (Eds.), Well-being: Foundations of Hedonic Psychology (pp. 213–229). New York: Russell Sage Foundation.
Diener, E., Lucas, R. E., & Scollon, C. N. (2006). Beyond the hedonic treadmill: Revising the adaptation theory of well-being. American Psychologist, 61(4), 305–314.
Diener, E., Oishi, S., & Lucas, R. E. (2003). Personality, culture, and subjective well-being: Emotional and cognitive evaluations of life. Annual Rewiev of Psychology, 54(1), 403–425.
Diener, E., Suh, E. M., Lucas, R. E., & Smith, H. L. (1999). Subjective Well-Being: Three Decades of Progress. Psychological Bulletin, 125(2), 276–302.
Diener, E., Wirtz, D., Biswas-Diener, R., Tov, W., Kim-Prieto, C., Choi, D., & Oishi, S. (2009). New Measures of Well-Being. The Netherlands: Springer. The collected works of Ed Diener.
Dolan, P., & Metcalfe, R. (2011). Comparing measures of subjective well-being and views about the role they should play in policy. UK Office for National Statistics Paper.
Dolan, P., Peasgood, T., & White, M. (2008). Do we really know what makes us happy? A review of the economic literature on the factors associated with subjective well-being. Journal of Economic Psychology, 29(1), 94–122.
Dunn, W. E., Aknin, L. B., & Norton, M. I. (2008). Spending money on others promotes happiness. Science, 319(5870), 1687–1688.
Easterlin, R. A. (1974). Does Economic Growth Improve the Human Lot? Some empirical evidence. In R. David & M. Reder (Eds.), Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz (pp. 89–125). New York: Academic Press.
Easterlin, R. A. (1995). Will raising the incomes of all increase the happiness of all? Journal of Economic Behavior & Organization, 27(1), 35–47.
Easterlin, R. A. (2003a). Explaining Happiness. Proceedings of the National Academy of Sciences, 100(19), 11176–11183.
Easterlin, R. A. (2003b). Happiness of Women and Men and Later Life: Nature, Determinants and Prospects. In M. J. Sirgy, D. Rahtz, & A. C. Samli (Eds.), Advances in Quality-of-Life Theory and Research (pp. 13–26). Dordrecht, The Netherlands: Kluwer Academic Publishers.
Evans, J. (2011). Findings from the National Well-Being Debate. UK Office for National Statistics Paper.
Eysenck, H. J., & Eysenck, S. B. G. (1964). Manual of the Eysenck Personality Inventory. San Diego: Educational and Industrial Testing Service.
Eysenck, H. J., & Eysenck, S. B. G. (1975). Manual for the Eysenck Personality Questionnaire (Junior and Adult). London: Hodder & Stoughton.
Fereidouni, G. H., Najdi, Y., & Amiri, R. (2013). Do governance factors matter for happiness in the MENA region? International Journal Of Social Economics, 40(12), 1028–1040.
Ferrer-i-Carbonell, A., & Ramos, X. (2014). Inequality and happiness. Journal of Economic Surveys, 28(5), 1016–1027.
Ferriss, L. A. (2002). Religion and the quality of life. Journal of Happiness Studies, 3(3), 199–215.
Frey, S. B. (2008). Happiness: A revolution in economics. Cambridge: MIT Press.
Frey, S. B., & Stutzer, A. (2002). What can economists learn from happiness research? Journal of Economic Literature, 40(2), 402–435.
Frey, S. B., & Stutzer, A. (2005). Happiness Research: State and Prospects. Review of Social Economy, 63(2), 207–228.
Frey, S. B., & Stutzer, A. (2008). Stress that Doesn’t Pay: The Commuting Paradox. The Scandinavian Journal of Economics, 110(2), 339–366.
Friedman, M. M. (1993). Social support sources and psychological well-being in older women with heart disease. Research in Nursing & Health, 16(6), 405–413.
Gandelman, N., & Hernández-Murillo, R. (2009). The Impact of Inflation and Unemployment on Subjective Personal and Country Evaluations. Federal Reserve Bank of St. Louis Review, 91(3), 107–126.
Graham, C. (2008). Happiness and Health: Lessons and Questions for Public Policy. Health Affairs, 27(1), 72–87.
Graham, C., Chattopadhyay, S., & Picon, M. (2010). Adapting to Adversity: Happiness and the 2009 Economic Crisis and the United States. Social research, 77(2), 715–748.
Graham, C., & Felton, A. (2006). Inequality and happiness: insights from Latin America. The Journal of Economic Inequality, 4(1), 107–122.
Graham, C., Higuera, L., & Lora, E. (2011). Which health conditions cause the most unhappiness? Health Economics, 20(12), 1431–1447.
Green, F. (2011). Unpacking the misery multiplier: How employability modifies the impacts of unemployment and job insecurity on life satisfaction and mental health. Journal of Health Economics, 30(2), 265–276.
Greve, B. (2012). The impact of the financial crisis on happiness and affluent European countries. Journal of Comparative Social Welfare, 28(3), 183–193.
Gudmundsdottir, G. D. (2013). The Impact of the Economic Crisis on Happiness. Social Indicators Research, 110(3), 1083–1101.
Gundelach, P., & Kreiner, S. (2004). Happiness and life satisfaction in advanced European countries. Cross-cultural research, 38(4), 359–386.
Habibov, N., & Afandi, E. (2015). Pre-and Post-crisis Life-Satisfaction and Social Trust in Transitional Countries: An Initial Assessment. Social Indicators Research, 121(2), 503–524.
Hammond, C. (2004). Impacts of Lifelong Learning Upon Emotional Resilience, Psychological and Mental Health: Fieldwork Evidence. Oxford Review of Education, 30(4), 551–568.
Hayes, N., & Joseph, S. (2003). Big 5 correlates of three measures of subjective well-being. Personality and Individual Differences, 34(4), 723–727.
Headey, B., Muffels, R., & Wooden, M. (2008). Money does not buy happiness: Or does it? A reassessment based on the combined effects of wealth, income and consumption. Social Indicator Research, 87(1), 65–82.
Hedengren, D., & Stratmann, T. (2012). The Dog that Didn’t Bark: What Item Nonresponse Shows about Cognitive and Non-Cognitive Ability. Social Science Research Network. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2194373. Accessed 22 August 2015.
Helliwell, F. J., & Huang, H. (2008). How’s your government? International evidence linking good government and well-being. British Journal of Political Science, 38(4), 595–619.
Helliwell, F. J., Huang, H., & Wang, S. (2014). Social capital and well-being in times of crisis. Journal of Happiness Studies, 15(1), 145–162.
Helliwell, F. J., Layard, R., & Sachs, J. D. (2013). World Happiness Report 2013. New York: UN Sustainable Development Solutions Network.
Helliwell, F. J., & Putnam, R. D. (2004). The Social Context of Well-Being. Philosophical Transactions of the Royal Society of London series biological sciences, 359(1449), 1435–1446.
Helliwell, F. J., & Wang, S. (2011). Trust and Well-being. International Journal of Wellbeing, 1(1), 42–78.
Helliwell, F. J., & Wang, S. (2014). Weekends and Subjective Well-Being. Social Indicators Research, 116(2), 389–407.
Hessami, Z. (2010). The Size and Composition of Government Spending in Europe and Its Impact on Well-Being. Kyklos, 63(3), 346–382.
Hitt, C., Trivitt, J., & Cheng, A. (2016). When you say nothing at all: The predictive power of student effort on surveys. Economics of Education Review, 52(1), 105–119.
Huppert, A. F., Marks, N., Clark, A., Siegrist, J., Stutzer, A., Vitterso, J., et al. (2009). Measuring Well-being Across Europe: Description of the ESS Well-being Module and Preliminary Findings. Social Indicators Research, 91(3), 301–315.
Huppert, A. F., & So, T. T. C. (2013). Flourishing Across Europe: Application of a New Conceptual Framework for Defining Well-Being. Social Indicators Research, 110(3), 837–861.
ISG. (2015). The Global ISG Outsourcing Index: Fourth Quarter and Full-Year 2014. Stamford (CT): Information Services Group.
Johns, H., & Ormerod, P. (2007). Happiness, Economics and Public Policy. London: The institute of Economic Affairs.
Kahneman, D. (2003). A perspective on judgment and choice: Mapping bounded rationality. American Psychologist, 58(9), 697–720.
Kahneman, D., & Deaton, A. (2010). High Income Improves Evaluation of Life But Not Emotional Well-Being. Proceedings of the National Academy of Sciences, 107(38), 16489–16493.
Kahneman, D., Diener, E., & Schwarz, N. (1999). Well-being: The Foundations of Hedonic Psychology. New York: Russel Sage Foundation.
Kahneman, D., & Krueger, A. B. (2006). Developments in the Measurement of Subjective Well-Being. Journal of Economic Perspectives, 20(1), 19–20.
Kahneman, D., Krueger, A. B., Schkade, D. A., Schwarz, N., & Stone, A. A. (2004). A Survey Method for Characterizing Daily Life Experience: The Day Reconstruction Method. Science, 306(5702), 1776–1780.
Kahneman, D., & Thaler, R. H. (2006). Utility Maximization and Experienced Utility. Journal Of Economic Perspectives, 20(1), 221–234.
Kamp, D., Claire, M., & Amato, P. R. (2005). Consequences of relationship status and quality for subjective well-being. Journal of Social and Personal Relationships, 22(5), 607–627.
Kavetsos, G., Dimitriadou, M., & Dolan, P. (2014). Measuring happiness: Context matters. Applied Economics Letters, 21(5), 308–311.
Keyes, L. C., Shmotkin, D., & Ryff, C. D. (2002). Optimizing well-being: the empirical encounter of two traditions. Journal of Personality and Social Psychology, 82(6), 1007–1022.
Kim, H. K., & McKenry, P. C. (2002). The relationship between marriage and psychological well-being. Journal of Family Issues, 23(8), 885–991.
Koenig, G. H., King, D., & Carson, V. B. (2001). Handbook of Religion and Health. Oxford: University Press.
Kotakorpi, K., & Laamanen, J. P. (2010). Welfare State and Life Satisfaction: Evidence from Public Health Care. Economica, 77(307), 565–583.
Koydemir, S. (2013). Acculturation and subjective well-being: the case of Turkish ethnic youth in Germany. Journal of Youth Studies, 16(4), 460–473.
Kroll, C. (2015). Global Development and Happiness: How Can Data on Subjective Well-Being Inform Development Theory and Practice? Oxford Development Studies, 43(3), 281–309.
Krueger, B. A., & Schkade, D. A. (2008). The reliability of subjective well-being measures. Journal of Public Economics, 92(8), 1833–1845.
Kucel, A., & Vilalta-Bufi, M. (2013). Job Satisfaction of University Graduates. Revista de Economia Aplicada, 21(1), 29–55.
Lane, E. R. (2000). The loss of happiness in market democracies. New Haven and London: Yale University Press.
Lawless, M. N., & Lucas, R. E. (2011). Predictors of regional well-being: a county level analysis. Social Indicators Research, 101(3), 341–357.
Lin, C., Chen, C., & Liu, T. (2015). Do stock prices drive people crazy? Health Policy & Planning, 30(2), 206–214.
Lucas, E. R., Clark, A. E., Georgellis, Y., & Diener, E. (2004). Unemployment alters the set point for life satisfaction. Psychological Science, 15(1), 8–13.
Lucas, E. R., & Diener, E. (2008). Personality and subjective well-being. In D. Kahneman, E. Diener, & N. Schwarz (Eds.), Well-being: Foundations of Hedonic Psychology (pp. 213–230). New York: Russell Sage Foundation.
Luechinger, S., Meier, S., & Stutzer, A. (2010). Why Does Unemployment Hurt the Employed? Evidence from the Life Satisfaction Gap Between the Public and the Private Sector. Journal of Human Resources, 45(4), 998–1045.
Luhmann, M., Hofmann, W., Eid, M., & Lucas, R. E. (2012). Subjective well-being and adaptation to life events: A meta-analysis. Journal of Personality and Social Psychology, 102(3), 592–615.
Ma, Y. Z., & Zhang, Y. (2014). Resolution of the Happiness-Income Paradox. Social Indicators Research, 119(2), 705–721.
Maenniga, W., Steenbeck, M., & Wilhelm, M. (2014). Rhythms and Cycles in Happiness. Applied Economics, 46(1), 70–78.
McCall, L. (2013). The Undeserving rich: American beliefs about inequality, opportunity, and redistribution (p. 2013). Cambridge: Cambridge University Press.
McCloskey, N. D. (2012). Happyism: The creepy new economics of pleasure. The New Republic. http://www.newrepublic.com/article/politics/magazine/ 103952/happyism-deirdre-mccloskey-economics-happiness. Accessed 8 June 2015.
McKee-Ryan, F., Song, Z., Wanberg, C. R., & Kinicki, A. J. (2005). Psychological and physical well-being during unemployment: A meta-analytic study. Journal of Applied Psychology, 90(1), 53–76.
Minkov, M. (2009). Predictors of differences in subjective well-being across 97 nations. Cross-Cultural Research, 43(2), 152–179.
Morrison, P. S. (2011). Local Expressions of Subjective Well-being: The New Zealand Experience. Regional Studies, 45(8), 1039–1058.
Mroczek, D. K., & Kolarz, C. M. (1998). The effect of age on positive and negative affect: A developmental perspective on happiness. Journal of Personality and Social Psychology, 75(5), 1333–1349.
Nagengast, A. J. & Stehrer, R. (2015). The great collapse in value added trade. European Central Bank Working Paper Series 1833, ECB.
Oaxaca, R. (1973). Male-Female Wage Differentials in Urban Labor Markets. International Economic Review, 14(3), 693–709.
OECD. (2013). OECD Guidelines on Measuring Subjective Well-being. Paris: Organisation for Economic Co-operation and Development.
Oswald, J. A. (1997). Happiness and economic performance. The Economic Journal, 107(445), 1815–1831.
Ott, C. J. (2010). Good governance and happiness in nations: Technical quality precedes democracy and quality beats size. Journal of Happiness Studies, 11(3), 353–368.
Panas, E. E. (2013). Homeorhesis and Indication of Association between Different Types of Capital on Life Satisfaction: The Case of Greek under Crisis. Social Indicators Research, 110(1), 171–186.
Papavlassopulos, N., & Keppler, D. (2011). Life Expectancy as an Objective Factor of a Subjective Well-Being. Social Indicators Research, 104(3), 475–505.
Paul, I. K., & Moser, K. (2009). Unemployment impairs mental health: Meta-analyses. Journal of Vocational Behavior, 74(3), 264–282.
Peiró, A. (2006). Happiness, satisfaction and socioeconomic conditions: Some international evidence. The Journal of Socio-Economics, 35(2), 348–365.
Phinney, S. J. (1990). Ethnic identity in adolescents and adults: Review of research. Psychological Bulletin, 108(3), 499–514.
Phinney, S. J., Horenczyk, G., Liebkind, K., & Vedder, P. (2001). Ethnic identity, immigration, and well-being: An interactional perspective. Journal of social issues, 57(3), 493–510.
Rehdanz, K., & Maddison, D. (2005). Climate and happiness. Ecological Economics, 52(1), 111–125.
Reimers, C. W. (1983). Labor Market Discrimination Against Hispanic and Black Men. The Review of Economics and Statistics, 65(4), 570–579.
Richmond, L., Filson, G. C., Paine, C., Pfeffer, W. C., & Taylor, J. R. (2000). Non-far, rural Ontario residents perceived quality of life. Social Indicator Research, 50(2), 159–186.
Riis, J., Loewenstein, G., Baron, J., Jepson, C., Fagerlin, A., & Ubel, P. A. (2005). Ignorance of hedonic adaptation to hemodialysis: A study using ecological momentary assessment. Journal of Experimental Psychology: General, 134(1), 3–9.
Robinson, D. M., Solberg, E. C., Vargas, P. T., & Tamir, M. (2003). Trait as Default: Extraversion, Subjective Well-Being, and the Distinction Between Neutral and Positive Events. Journal of Personality and Social Psychology, 85(3), 517–527.
Rodgers, W. (1982). Trends in Reported Happiness within Demographically Defined Subgroups, 1957–78. Social Forces, 60(3), 826–842.
Rodríguez-Pose, A., & Maslauskaite, K. (2012). Can policy make us happier? Individual characteristics, socio-economic factors and life satisfaction in Central and Eastern Europe. Cambridge Journal Of Regions, Economy and Society, 5(1), 77–96.
Rothstein, B., & Uslaner, E. M. (2005). All for all: Equality, corruption, and social trust. World Politics, 5(1), 41–72.
Røysamb, E., Tambs, K., Reichborn-Kjennerud, T., Neale, M. C., & Harris, J. R. (2003). Happiness and Health: Environmental and Genetic Contributions to the Relationship Between Subjective Well-Being, Perceived Health, and Somatic Illness. Journal of Personality and Social Psychology, 85(6), 1136–1146.
Royston, P., & Cox, N. J. (2005). A multivariable scatterplot smoother. Stata Journal, 5(3), 405–412.
Ruprah, J. I., & Luengas, P. (2011). Monetary policy and happiness: Preferences over inflation and unemployment in Latin America. The Journal of Socio-Economics, 40(1), 59–66.
Ryan, M. R., Bernstein, J. H., & Kirk, B. W. (2010). Weekends, work, and well-being: Psychological need satisfactions and day of the week effects on mood, vitality, and physical symptoms. Journal of Social and Clinical Psychology, 29(1), 95–122.
Sacks, D., Stevenson, B., & Wolfers, J. (2011). Subjective Well-Being, Income, Economic Development, and Growth. In C. Sepúlveda, A. Harrison, & J. Y. Lin (Eds.), Development Challenges in a Postcrisis World (pp. 283–316). Washington DC: World Bank.
Sen, K. A. (2002). Health: perception versus observation: self-reported morbidity has severe limitations and can be extremely misleading. BMJ. British Medical Journal, 324(7342), 860–861.
Senik, C. (2014). The French unhappiness puzzle: The cultural dimension of happiness. Journal of Economic Behavior & Organization, 106(11), 379–401.
Shiller, J. R. (1997). Why Do People Dislike Inflation? In C. D. Romer & D. H. Romer (Eds.), Reducing Inflation: Motivation and Strategy (pp. 13–65). Chicago: University of Chicago Press.
Silla, I., De Cuyper, N., Gracia, F. J., Peiró, J. M., & De Witte, H. (2009). Job Insecurity and Well-Being: Moderation by Employability. Journal of Happiness Studies, 10(6), 739–751.
Smyth, R., & Qian, X. (2008). Inequality and happiness in urban China. Economics Bulletin, 4(23), 1–10.
Snoep, L. (2008). Religiousness and happiness and three nations: a research note. Journal of Happiness Studies, 9(1), 207–211.
Stack, S., & Eshleman, R. J. (1998). Marital Status and Happiness: A 17-Nation Study. Journal of Marriage and the Family, 60(2), 527–536.
Stavrova, O., Fetchenhauer, D., & Schlösser, T. (2013). Why are religious people happier? The effect of the social norm of religiosity across countries. Social Science Research, 42(1), 90–105.
Steel, P., Schmidt, J., & Shultz, J. (2008). Refining the relationship between personality and subjective wellbeing. Psychological Bulletin, 134(1), 138–161.
Stevenson, B., & Wolfers, J. (2008). Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox. Brookings Papers on Economic Activity, 39(1), 1–102.
Stevenson, B., & Wolfers, J. (2009). The paradox of declining Female Happiness. American Economic Journal: Economic Policy, 1(2), 190–225.
Stone, A. A., Schwartz, J. E., Broderick, J. E., & Deaton, A. (2010). A snapshot of the age distribution of psychological well-being in the United States. Proceedings of the National Academy of Sciences, 107(22), 9985–9990.
Suls, J., & Martin, R. (2005). The Daily Life of the Garden-Variety Neurotic: Reactivity, Stressor Exposure, Mood Spillover, and Maladaptive Coping. Journal of Personality, 73(6), 1485–1510.
Swinyard, R. W., Kau, A., & Phua, H. (2001). Happiness, materialism, and religious experience in the US and Singapore. Journal of Happiness Studies, 2(1), 13–32.
Tavits, M. (2008). Representation, Corruption, and Subjective Well-Being. Comparative Political Studies, 41(12), 1607–1630.
Tay, L., Herian, M. N., & Diener, E. (2014). Detrimental effects of corruption and subjective well-being: Whether, how, and when. Social Psychological and Personality Science, 5(1), 1–35.
Taylor, P. M. (2006). Tell Me Why I don’t Like Mondays: Investigating Day of the Week Effects on Job Satisfaction and Psychological Well-Being. Journal of the Royal Statistical Society Series A (Statistics and Society), 169(1), 127–142.
Tkach, C., & Lyubomirsky, S. (2006). How do people pursue happiness?: Relating personality, happiness-increasing strategies, and well-being. Journal of Happiness Studies, 7(2), 183–225.
Ubel, A. P., Jankovic, A., Smith, D., Langa, K. M., & Fagerlin, A. (2005). What is perfect health to an 85-year-old?: Evidence for scale recalibration in subjective health ratings. Medical Care, 43(10), 1054–1057.
Van Laningham, J., Johnson, D. R., & Amato, P. (2001). Marital Happiness, Marital Duration, and teh U-shaped Curve: Evidence from a Five-Wave Panel Study. Social Forces, 79(4), 1313–1341.
Vanassche, S., Swicegood, G., & Matthijs, K. (2013). Marriage and children as a key to happiness? Cross-national differences in the effects of marital status and children on well-being. Journal of Happiness Studies, 14(2), 501–524.
Veenhoven, R. (1991). Questions on happiness: Classical topic, modern answers, blind spots. In M. Argyle, N. Schwarz, & F. Strack (Eds.), Subjective well-being: An interdisciplinary perspective (pp. 7–26). Oxford: Pergamon.
Veenhoven, R. (2005). Inequality of happiness in nations. Journal of Happiness Studies, 6(4), 351–355.
Veenhoven, R. (2008). Measures of Gross National Happiness. In Statistics, Knowledge and Policy 2007: Measuring and Fostering the Progress of Societies (pp. 231–253). Paris: OECD.
Veenhoven, R. (2009). The International Scale Interval Study: Improving the Comparability of Responses to Survey Questions about Happiness. In V. Moller & D. Huschka (Eds.), Quality of life and the millennium challenge: Advances in quality-of-life studies, theory and research (Vol. 35, pp. 45–58). Springer: Social Indicators Research Series.
Veenhoven, R. (2010). Greater happiness for a greater number. Journal of Happiness Studies, 11(5), 605–629.
Verbakel, E. (2012). Subjective Well-Being by Partnership Status and Its Dependence on the Normative Climate. European Journal of Population, 28(2), 205–232.
Verkuyten, M., & Kwa, G. A. (1994). Ethnic self-Identification and Psychological Well-Being among Minority Youth and the Netherlands. International Journal of Adolescence and Youth, 5(1–2), 19–34.
Vittersø, J., Biswas-Diener, R., & Diener, E. (2005). The divergent meanings of life satisfation: Itemresponse modeling of the satisfaction with life scale and Greenland and Norway. Social Indicators Research, 74(2), 327–348.
Waite, L. J., & Lehrer, E. L. (2003). The benefits from marriage and religion in the United States: A comparative analysis. Population and Development Review, 29(2), 255–275.
Warr, P. (2007). Work, Happiness, and Unhappiness. New York: Psychology Press.
Watson, L. D., Clark, L. A., & Tellegen, A. (1988). Development and Validation of Brief Measures of Positive and Negative Affect: The PANAS Scales. Journal of Personality and Social Psychology, 54(6), 1063–1070.
Weiss, A., Bates, T. C., & Luciano, M. (2008). Happiness is a personal(ity) thing: The genetics of personality and well-being and a representative sample. Psychological Science, 19(3), 205–210.
Wilson, T. D., & Gilbert, D. T. (2008). Explaining Away: A Model of Affective Adaptation. Perspectives On Psychological Science, 3(5), 370–386.
Winkelmann, L., & Winkelmann, R. (1998). Why Are the Unemployed So Unhappy? Evidence from Panel Data? Economica, 65(257), 1–15.
Winkelmann, L., & Winkelmann, R. (2008). Personality, work, and satisfaction: evidence from the German Socio-Economic Panel. The Journal of Positive Psychology, 3(4), 266–275.
Wolfers, J. (2003). Is Business Cycle Volatility Costly? Evidence From Surveys of Subjective Wellbeing. International Finance, 6(1), 1–26.
Wooldridge, M. J. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge (MA) and London: The MIT Press.
Yang, Y. (2008). Social inequalities in happiness in the United States, 1972–2004: An age-period-cohort analysis. American Sociological Review, 73(2), 204–226.
Yuen, T. W., & Chu, W. W. (2015). Happiness in ASEAN member states. International journal of happiness and development, 2(1), 69–83.
See Table 5.
About this article
Cite this article
Gonza, G., Burger, A. Subjective Well-Being During the 2008 Economic Crisis: Identification of Mediating and Moderating Factors. J Happiness Stud 18, 1763–1797 (2017). https://doi.org/10.1007/s10902-016-9797-y
- Subjective well-being
- Life satisfaction
- Economic crisis
- Hedonic adaptation