The recent literature developed in the field of happiness economics highlights the overvaluation of income and material prosperity as determinants of happiness, and calls into question many of the assumptions of traditional economic theory linked to "rationality" and the "non-satiety" of the consumer. This article aimed to study which factors explain individual subjective well-being, paying special attention to the role of income and the incidence of social variables and focusing on the case of Spain. As a novelty, this research introduces variables such as trust or the perception of justice, among others. Based on the analysis of the European Social Survey and through the estimation of an ordered logit, we find that, in line with the theory of happiness economics, the material aspects do not play a relevant role as explanatory of subjective well-being, unlike social aspects, such as sociability and trust in people (social capital). In addition, our results indicate that in the case of Spain, the most materialistic people are associated with a lower level of happiness. Thus, it seems that the excess of concern for material and economic issues in the pursuit of happiness undermines socioeconomic and environmental sustainability by causing the "wealth destruction effect". economic welfare [11]. The new approach questions a good part of the traditional assumptions of the economy [12].Despite Easterlin, several studies shed light along the same lines as neoclassical theory [13][14][15], emphasizing that the excessive consideration of income, status, and hedonic consumption in the promotion of subjective well-being were still very present in different fields, such as in the economy, sociology, marketing or advertising [16]. Moreover, it is the contemporary individual, as [17] expressed, who accepts the neoclassical, reductionist, and utilitarian paradigm, as a guide for his behavior.Our goal is to study the main determinants of happiness, paying special attention to the Easterlin paradox, thus, deepening the understanding of the question about what is the real role of income as a determinant of subjective well-being. To do this, we have analyzed not only economic but also social factors. Specifically, and as novelty, this study focused on the analysis of happiness in Spain for the period 2002-2014 and highlights the importance of social factors when talking about topics such as sustainability. In this regard, we should note that in recent times, it has become very important to study social factors to address the new challenges faced by society in the achievement of a sustainable development. Authors such as [18] highlight, as in the transitioning process towards a bioeconomy, the involvement of stakeholders and the enhancement of social capital, which may become helpful in the process of achieving social sustainability. In addition, [19] found that when analyzing green human resource management, the role of social sustainability has been less explored than other pillars of sustainability, such as economic or environme...

In this paper, the evolution of the various components of the broad monetary aggregate M3 at which the ECB attaches leading indicator properties of inflation expectations in the euro area is studied. During the fifteen years that the ECB defines and executes the stability-oriented monetary policy, M3 has not followed the developments that initially would be compatible with the inflation target announced. For its part, the components of the aggregate, in terms of their participation in it, have followed different paths. In this paper, an analysis of stationarity and cointegration of the series is done. The causes of such behavior in the light of the evolution of prices, interest rates and economic growth are searched, using dummy variables for periods of greater instability in the financial markets. We employ the Dynamic Ordinary Least Square (DOLS) estimator, augmenting the estimated relation with lead and lag differences of the explanatory variables to control for endogeneity and serial correlation of the regressors.

ResumenLos bancos centrales pueden adoptar un comportamiento asimétrico cuando establecen los tipos de interés a corto plazo. Esta posibilidad existe si la autoridad monetaria asume una función de preferencias asimétrica o si la estructura económica presenta una curva de Phillips no lineal. En tal caso, el banco central responde con desigual intensidad ante las desviaciones positivas de la inflación respecto de su objetivo, que ante desviaciones negativas. Lo mismo cabría esperar de las respuestas ante las desviaciones de

The main goal of this paper is to detect an asymmetric behaviour in the management of the European Central Bank (ECB) since the beginning of its mandate until 2014. The methodology used is twofold. This paper estimates by the generalized method of moments (GMM) an optimal monetary policy rule and a rule including dummy variables which can detect the presence of asymmetries. The crisis in the euro-zone and the liquidity problems caused the implementation of nonconventional policy measures from 2008. Our results show a) asymmetries in the interest rate-setting behaviour of ECB and b) changes in the monetary policy decisions to enhance economic growth.

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