Can Subjective Well-Being Predict Unemployment Length?
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This paper uses 16 waves of panel data
from the British Household Panel Survey to evaluate the role
of subjective well-being in determining labor market
transitions. It confirms a previous finding in the
literature: individuals report a fall in their happiness
when they lose a job, but they report a smaller fall when
they are surrounded by unemployed peers, an effect called
the "social norm". The main results of interest
are that job search effort and unemployment duration are
affected by the utility differential between having a job
and being unemployed. Since this differential is also
affected by the social norm, it implies that when
unemployment increases, the unemployed are happier and they
reduce their search effort. These results indicate that
unemployment hysteresis has labor supply causes.
Palabras clave
ACCOUNTING, AGGREGATE UNEMPLOYMENT, CREATIVE DESTRUCTION, DEVELOPMENT ECONOMICS, DIVORCE, ECONOMETRICS, ECONOMIC RESEARCH, EMPLOYMENT RATE, EMPLOYMENT STATUS, EXTERNALITIES, EXTERNALITY, FUTURE RESEARCH, HIGH UNEMPLOYMENT, HOUSEHOLD LEVEL, HOUSEHOLD SURVEY, HOUSEHOLD SURVEYS, ILL HEALTH, INCOME, JOB LOSS, JOB SEARCH, JOBLESS RATE, JOBS, LABOR DEMAND, LABOR ECONOMICS, LABOR FORCE, LABOR MARKET, LABOR MARKET POLICIES, LABOR RELATIONS, LABOR SUPPLY, LABOUR, LABOUR FORCE, MACROECONOMIC SHOCKS, MACROECONOMICS, MATERNITY LEAVE, MENTAL HEALTH, NUMBER OF HOUSEHOLDS, PHILLIPS CURVE, POLICY IMPLICATIONS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POLICY RESPONSE, PRESENT ANALYSIS, PRESENT VALUE, PREVIOUS SECTION, PROBIT REGRESSION, PROGRESS, PROPORTIONAL HAZARD MODEL, REGIONAL UNEMPLOYMENT, RESPECT, SAME SEX, SELF EMPLOYED, SELF-ESTEEM, SOCIAL NORMS, SOCIAL RESEARCH, SPOUSE, SPOUSES, SURVIVAL ANALYSIS, UNEMPLOYED, UNEMPLOYED INDIVIDUALS, UNEMPLOYED PERSONS, UNEMPLOYMENT, UNEMPLOYMENT BENEFITS, UNEMPLOYMENT DURATION, UNEMPLOYMENT INSURANCE, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, UNEMPLOYMENT SPELL, UNEMPLOYMENT SPELLS, UTILITY FUNCTION, WAGE DISTRIBUTION, WORKERS, YOUTH