Are individuals more sensitive to losses than gains in terms of economic growth? Using subjective well-being data, we observe an asymmetry in the way positive and negative economic growth are experienced. We find that measures of life satisfaction and affect are more than twice as sensitive to negative economic growth as compared to positive growth. We use Gallup World Poll data from over 150 countries, BRFSS data on 2.5 million US respondents, and Eurobarometer data that cover multiple business cycles over four decades. This research provides a new perspective on the welfare cost of business cycles and has implications for growth policy and our understanding of the long-run relationship between GDP and subjective well-being.

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Are individuals more sensitive to losses than gains in macroeconomic growth? Using subjective well-being measures across three large data sets, we observe an asymmetry in the way positive and negative economic growth are experienced, with losses having more than twice as much impact on individual happiness as compared to equivalent gains. We use Gallup World Poll data drawn from 151 countries, BRFSS data taken from a representative sample of 2.5 million US respondents, and Eurobarometer data that cover multiple business cycles over four decades. This research provides a new perspective on the welfare cost of business cycles with implications for growth policy and our understanding of the long-run relationship between GDP and subjective well-being. JEL Codes: D03, O11, D69, I39

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In recent years, both in social science and political circles, there has been a growing consensus on the multi-aspectual nature of poverty. Poverty not only refers to a lack of income, but also to an inadequate participation in different domains of life, such as employment, education, housing and health. Starting from the operationalization of poverty as a 'network of social exclusions', we estimate the relative importance of housing problems as a dimension of poverty for four countries: Denmark, the United Kingdom, Belgium and Spain. The choice of countries is based on their different position in mainstream welfare state typologies and housing system typologies. We conclude that housing problems occupy a large part of everyday life for the poor in those countries where housing policy has not been considered an integral part of the post-war welfare state. This is the case for both Belgium and Spain.Housing, Poverty,