This paper constructs a narrative account of all legislated discretionary policy changes in the United Kingdom from 1945 to 2009. Following Romer and Romer (2009, 2010), evidence of the policymakers’ motivation is presented from U.K. official Budget documents together with technical notes,...

This paper investigates the transmission mechanism of government spending shocks in an estimated dynamic general equilibrium model. I construct a New Keynesian model with distortionary labour and capital taxes and with references that allow the wealth effect on labour supply to vary in strength....

There is a longstanding discussion on whether happiness is culturally relative or not. The following questions are addressed in that context: 1) Do we all assess how much we like our life? 2) Do we appraise our life on the same grounds? 3) Are the conditions for happiness similar for all of us?...

Happiness is rising on the political agenda and this calls for measures of how well nations perform in creating great happiness for a great number, analogous to measures of success in creating wealth, such as GDP. Happiness is defined as subjective enjoyment of one’s life as-a-whole and this...

The rational pursuit of happiness requires knowledge of happiness and in particular answers to the following four questions: 1: Is greater happiness realistically possible? 2: If so, to what extent is that in our own hands? 3: How can we get happier? What things should be considered in the...