Di Tella, R.; MacCulloch, R.J.:; Oswald, A.J. - Department of Economics, Oxford University - 1997
A large literature in macroeconomics assumes a social objective function, W(pi,U), where inflation, pi, and … unemployment, U, are bads. This paper provides some of the first formal evidence for such an approach. It issues data on the … dollar value of a low inflation rate. It also examines the struture of happiness equations across countries and time. …