Prior to the recession of 2008/09 household saving was extremely low in the United States. In the context of the recession the saving rate has increased by about 2 percentage points to close to 4%. Such a rise is in line with the record from previous recessions. The study argues that, this time,...

With the development towards comprehensive and more sophisticated border control regimes, the problem of protection seekers’ access to EU territory has increasingly come into focus. Disorderly movement is presently the main avenue to safety in the EU, and human smugglers act as important...

It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. We...