Helliwell, John F.; Huang, Haifang - National Bureau of Economic Research (NBER) - 2011
Using two large US surveys, we estimate the effects of unemployment on the subjective well-being of the unemployed and … the rest of the population. For the unemployed, the non-pecuniary costs of unemployment are several times as large as … still employed, a one percentage point increase in local unemployment has an impact on well-being roughly equivalent to a …