Published Quarterly Journal of Economics Online 15 May 2025 Published Jul 2025Lives Versus Livelihoods: The Impact of the Great Recession on Mortality and WelfareAmy Finkelstein · Matthew J Notowidigdo · Frank Schilbach · Jonathan ZhangDoes the Great Recession reduce or increase mortality, and what are the welfare implications of incorporating recession-induced mortality changes into standard macroeconomic welfare frameworks?