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Marco Malgarini, Maurizio Pugno and Gennaro Zezza (2009) “Life satisfaction in Italy: Evidence from the ISAE consumers survey”, ISAE working paper n.121, November.

Self-reported life satisfaction (SRS) in Italy appears relatively low, starting
to decline well before the current crisis. This paper explores the relationship
between SRS and quality of life in Italy, using the ISAE data-base on
households. SRS has been surveyed on 2000 individuals in May 2008,
November 2008, and April 2009. Three main results can be drawn; first, SRS
has not significantly changed during the last 6 months. Second, moving to a
different socio-economic group has a greater impact on SRS than changing
income within the same group. Third, measures of financial stress such as debt,
willingness to work and earn more, and problems meeting basic household
expenses, prove to explain SRS in addition to income.

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“Ideas, knowledge, art, hospitality, travel – these are the things which should of their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible; and, above all, let finance be primarily national.” Keynes, 1933 (in J. Bibow, Keynes on Monetary Policy, Finance and Uncertainty, 2009, p. 158)