Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences*
构建了一个考虑异质性偏好的福利指标，综合收入、失业和寿命，用于衡量2008-2013年28个OECD国家在大衰退中的福祉变化，发现GDP增长无法反映社会成本，贫困家庭生活水平年均下降5.3%。
Abstract We develop a distribution‐adjusted welfare measure that aggregates income, unemployment, and longevity using individual weights that reflect heterogeneous preferences. The measure is implemented for 28 OECD countries for 2008–2013 to gauge the welfare effects of the Great Recession. Estimated shadow prices of one percentage point of unemployment and one year of longevity average 3.1 percent and 5.7 percent of household income, respectively. We find that the rate of GDP growth poorly reflects the social cost of the Great Recession. On average, GDP per capita stagnated across OECD countries between 2008 and 2013 while living standards of poor households fell by 5.3 percent annually.