. Author manuscript; available in PMC: 2019 May 1.

Published in final edited form as: Rev Econ Stat. 2018 May 4;100(2):362–375. doi: 10.1162/REST_a_00697

Table 8.

Gallup 2005–2013 - Positive Affect over the Business Cycle

	Panel A				Panel B
	(1)	(2)	(3)	(4)	(1)	(2)	(3)	(4)
		Happiness				Enjoyment
Economic Growth	0.158^***		0.119^*		0.161^***		0.121^**
Economic Growth	(0.055)		(0.069)		(0.051)		(0.050)
Negative Growth		−0.223^***		−0.116		−0.356^***		−0.231^**
Negative Growth		(0.084)		(0.093)		(0.080)		(0.092)
Positive Growth		0.119		0.120		0.080		0.079
Positive Growth		(0.086)		(0.099)		(0.068)		(0.066)
GDP per capita (log)			0.004	0.004			0.037	0.035
GDP per capita (log)			(0.073)	(0.073)			(0.029)	(0.029)
Unemployment Rate			−0.434^***	−0.434^***			−0.232^***	−0.224^***
Unemployment Rate			(0.157)	(0.158)			(0.086)	(0.086)
Inflation Rate			−0.050^*	−0.050^**			−0.048^**	−0.042^*
Inflation Rate			(0.026)	(0.026)			(0.024)	(0.025)
Country and Wave FEs	x	x	x	x	x	x	x	x
Individual Controls	x	x	x	x	x	x	x	x
Countries	151	151	150	150	156	156	154	154
Country-years	625	625	616	616	967	967	955	955
Individuals	806,864	806,864	793,802	793,802	1,169,277	1,169,277	1,153,213	1,153,213
R²	0.017	0.017	0.017	0.017	0.017	0.017	0.017	0.017

Robust standard errors in parentheses, adjusted for clustering at the country-year level. Outcome variables are dichotomous yes/no answers to the question “Did you feel happy/enjoyment a lot yesterday?” Country fixed effects and survey wave dummies are included in all models. All regressions include individual-level controls: age, age-squared, education level, gender, marital status. Negative and Positive Growth terms are splines, such that negative (positive) growth is equal to the absolute value of the growth rate when it is negative (positive) and zero otherwise.

p < 0.1

^**

p < 0.05

^***

p < 0.01.