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ecbwp1543

ecbwp1543

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Published by: caitlynharvey on May 07, 2013
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07/28/2013

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Working PaPer SerieS
no 1543 / may 2013
Financial imbalanceSand houSehold WelFareemPirical evidence From the eu
 Livio Stracca
In 2013 all ECB publicationsfeature a motif taken fromthe €5 banknote.
note: 
This Working Paper should not be reportedas representing the views of the European CentralBank (ECB). The views expressed are those of the
authors and do not necessarily reect those of the ECB.
 
© European Central Bank, 2013Address
Kaiserstrasse 29, 60311 Frankfurt am Main, Germany
Postal address
Postfach 16 03 19, 60066 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.europa.eu
Fax
+49 69 1344 6000All rights reserved.
ISSN
1725-2806 (online)
EU Catalogue No
QB-AR-13-040-EN-N (online)Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in wholeor in part, is permitted only with the explicit written authorisation of the ECB or the authors.This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science Research Network electroniclibrary at http://ssrn.com/abstract_id=2254818.Information on all of the papers published in the ECB Working Paper Series can be found on the ECB’s website,http://www.ecb.
Acknowledgements
I thank participants at a seminar at the ECB and three anonymous referees for useful comments and suggestions. The views expressedin this paper belong to the author.
Livio Stracca
 
Abstract
This paper uses Eurobarometer survey data from 26 EU countries to eval-uate whether the general public cares about …nancial stability and imbalancesover and above their e¤ects on key macroeconomic variables such as unem-ployment and in‡ation. I con…rm previous results in the literature that lifesatisfaction - a widely used measure of household welfare - negatively dependson the unemployment rate. In addition to previous results in the literature, Iestablish a strong empirical link between life satisfaction and consumer con…-dence as measured by the European Commission consumer survey. The mainresult of the paper is that life satisfaction generally does not systematicallydepend on a number of measures of …nancial imbalance based on credit andasset prices once the other macroeconomic controls are included.
Keywords
: Eurobarometer, life satisfaction, consumer con…dence, …nan-cial stability, central bank.
JEL
: E6.
1

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