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What Role for Macroeconomic Environment on Living Standards in Times of Crisis and Uncertainty

In: Crises and Uncertainty in the Economy

Author

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  • Vasileios VLACHOS

    (International Hellenic University)

Abstract

This chapter examines the impact of macroeconomic factors on living standards in times of macroeconomic uncertainty. Estimates of the effect of macroeconomic factors on the living standards of euro area states that were mostly hit by this century’s great recession, provide economic policy orientations to achieve Europe 2030 goals on poverty reduction. This study shows that the role of government expenditure in terms of social protection benefits and unemployment benefits, is critical to the size of severe material deprivation. Through disaggregating countries into subsamples among more industrial economies and lesser ones, the results highlight that economic growth for industrial economies (lesser industrial economies) will (will not) contribute to the reduction of severe material deprivation through labor and wages channels. Interestingly, the results show that the decrease of severe material deprivation rates will be less time consuming in economies with smaller income gaps.

Suggested Citation

  • Vasileios VLACHOS, 2022. "What Role for Macroeconomic Environment on Living Standards in Times of Crisis and Uncertainty," Springer Books, in: Hachmi BEN AMEUR & Zied FTITI & Wael LOUHICHI & Jean-Luc PRIGENT (ed.), Crises and Uncertainty in the Economy, chapter 0, pages 97-109, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-3296-0_6
    DOI: 10.1007/978-981-19-3296-0_6
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