Estrada, C.A., Isen, A.M., and M.J. Young, (1997), “Positive Affect Facilitates Integration of Information and Decreases Anchoring in Reasoning among Physicians”, Organizational Behavior and Human Decision Processes Vol.72, No.1, October, pp.117–135. Frey, B, Benesch, C, and Stutzer, A, (2007) “Does watching TV make us happy?”, Journal of Economic Psychology, 28, pp.283–313. Fujiwara, D, Leach, M, Trotter, L, Vine, J (2014) “Measuring the Social Impact of Community Investment: A Guide to using the Wellbeing Valuation Approach”, HACT: ideas and innovation in housing. Gaskin, K, (2011) “VIVA – The volunteer investment and value audit. A self-help guide”, Institute for Volunteering Research: http://www.ivr.org.uk/component/ivr/viva--the-volunteer-investment-and-value-audit-a-selfhelp-guide&qh=YToxOntpOjA7czo0OiJ2aXZhIjt9  BIS central bankers’ speeches  15  Guild, M, Harrison, T, Saxton, J, (2014) “The New Alchemy: How volunteering turns donations of time and talent into human gold time”, nfpSynergy: http://nfpsynergy.net/freereport/new-alchemy-how-volunteering-turns-donations-time-and-talent-human-gold-part-1 Helliwell, J.F., Layard, R., and J.D. Sachs (eds. ), (2013), “World Happiness Report 2013”, UN Sustainable Development Solutions Network: http://unsdsn.org/resources/publications/world-happiness-report-2013/ International Labour Organisation, (2011), “Manual on the measurement of volunteer work”: http://www.ilo.org/wcmsp5/groups/public/---dgreports/--stat/documents/publication/wcms_162119.pdf Low, N., Butt, S., Ellis Paine, A. and J. Davis Smith, (2007), “Helping Out: A national survey of volunteering and charitable giving”. Cabinet Office: London. http://www.ivr.org.uk/component/ivr/helping-out-a-national-survey-of-volunteering-andcharitable-giving MacKerrona, G, Muratoc,S (2013) “Happiness is greater in natural environments”, Global Environmental Change Vol 23 Issue 5. Meier, S and Stuzer, A (2004) “Is volunteering rewarding in itself?” Forschungsinstitut zur Zukunft der Arbeit: http://ftp.iza.org/dp1045.pdf National Council for Voluntary Organisations (NCVO), (2014), “UK Civil Society Almanac 2014”: http://data.ncvo.org.uk/category/almanac/ OECD, (2013), “How’s Life? 2013: http://www.oecd.org/statistics/howslife.htm  Measuring  Well-being”,  OECD  Publishing.

BIS central bankers’ speeches  17  Appendix Figure 1: The OECD Better Life Index  Source: http://www.oecdbetterlifeindex.org/  Figure 2: OECD Better Life Index – UK Summary  Source: http://www.oecdbetterlifeindex.org/  18  BIS central bankers’ speeches  Figure 3: Examples of activities which do and do not count as volunteering under the definition given by the International Labour Organisation Classed as “volunteering” Working in a soup kitchen cooking meals for the homeless Serving on a neighbourhood clean-up committee Serving as an usher or otherwise working on behalf of a religious organisation Providing unpaid legal advice at a legal services agency Providing marginally paid foster-care services on a short-term basis Sewing a blanket for a sick neighbour  Lies outside the boundary of “volunteering” Cooking meals for one’s own children Cleaning one’s own house or yard Attending a religious service Receiving payment for legal advice or assistance Providing foster-care services on a long-term basis Sewing a blanket for a sick household member  Source: ILO (2011), Manual on the measurement of volunteer work (adapted). Figure 4: Estimates of the extent of formal volunteering in the UK in 2012  Hours (billions per year) Proportion of the sample  Total (at least once per year)  Of which frequent (at least once per month)  2.29  2.12  44%  29%  Source: ONS (2013), “Household Satellite Accounts: Valuing Voluntary Activity in the UK”. Underlying data from the Community Life Survey.