"The Effect of Income on Subjective Well-Being: Evidence from the 2008 Economic Stimulus Tax Rebates," a paper by Institute economist Marta Lachowska, is scheduled to appear in a forthcoming issue of "The Journal of Human Resources." In the paper, Lachowska uses tax rebate payments from the 2008 economic stimulus to estimate the effect of a one-time change in income on three measures of subjective well-being: 1) life satisfaction, 2) health satisfaction, and 3) affect. The paper will appear in the Journal's spring 2017 issue.
Read the working paper version.