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An Estimated Australian Macroeconomic Misery Index

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  • ALLAN P. LAYTON

Abstract

The degree of community satisfaction with alternative macroeconomic outcomes is of considerable interest to policy makers. Ad hoc measures of community macroeconomic welfare, so‐called Misery Indexes, are commonly used as proxies of such welfare These indexes are very rudimentary and make implicit restrictive assumptions about the community's marginal rates of substitution among different macroeconomic outcomes. The current paper demonstrates a framework for statistically estimating the relative responsiveness of community welfare to such variables as unemployment, inflation, interest rates, real wages and measures of Australia's external performance. Morgan Gallup Poll data are used to proxy levels of community (dis)satisfaction.

Suggested Citation

  • Allan P. Layton, 1992. "An Estimated Australian Macroeconomic Misery Index," The Economic Record, The Economic Society of Australia, vol. 68(2), pages 118-124, June.
    • Handle: RePEc:bla:ecorec:v:68:y:1992:i:2:p:118-124
    DOI: 10.1111/j.1475-4932.1992.tb01757.x
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    References listed on IDEAS

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    1. John J. Beggs, 1988. "Diagnostic Testing in Applied Econometrics," The Economic Record, The Economic Society of Australia, vol. 64(2), pages 81-101, June.
    2. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    3. Chappell, Henry W, Jr, 1983. "Presidential Popularity and Macroeconomic Performance: Are Voters Really So Naive?," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 385-392, August.
    4. Ostrom, Charles W. & Simon, Dennis M., 1985. "Promise and Performance: A Dynamic Model of Presidential Popularity," American Political Science Review, Cambridge University Press, vol. 79(2), pages 334-358, June.
    5. Smyth, D.J. & Dua, Pami, 1988. "The Natural Rate of Inflation in the United States," Economic Analysis and Policy, Elsevier, vol. 18(2), pages 191-198.
    6. Smyth, David J & Dua, Pami, 1988. "Public Perceptions of Macroeconomic Policy: An Econometric Analysis of the Reagan Presidency," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 357-361, May.
    7. repec:bla:ecorec:v:64:y:1988:i:185:p:81-101 is not listed on IDEAS
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    Cited by:

    1. Bahram Adrangi & Joseph Macri, 2019. "Does the Misery Index Influence a U.S. President’s Political Re-Election Prospects?," JRFM, MDPI, vol. 12(1), pages 1-11, February.
    2. Thomas M. Fullerton & Ana P. Gutierrez-Zubiate, 2020. "Regional Household Economic Stress and Retail Sales Fluctuations," Business and Economic Research, Macrothink Institute, vol. 10(3), pages 23-34, September.
    3. Kurt Rothschild, 1999. "Maximising, Satisficing, Weights and the Evaluation of Macroeconomic Comparisons," International Review of Applied Economics, Taylor & Francis Journals, vol. 13(2), pages 207-217.

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