Refugees from Ukraine face multiple vulnerabilities, with many requiring humanitarian assistance to meet basic needs. In response to Russia's invasion of Ukraine, host countries in Europe and beyond have adopted measures to support refugees, including residency rights, free movement across...

The unequal treatment of women in the law is one of the most visible forms of gender inequality. Prevalent legal constraints on the basis of gender prevent women, and thereby economies, from reaching their true potential. In this regard, this paper (i) documents the evolution of gender...

We estimate that the recent surge in international fossil fuel prices will raise European households' cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have...

This paper analyzes the implications of disruptions in Russian gas for Europe's balances and economic output. Alternative sources could replace up to 70 percent of Russian gas, allowing Europe to avoid shortages during a temporary disruption of around 6 months. However, a longer full shut-off of...

We assess the supply-side effects on European Union (EU) economic activity if Russian gas imports were to suddenly cease. Unlike other studies, we account for the global scope of the liquefied natural gas (LNG) market. In the absence of frictions, an open-economy, multi-sector general...

We use a decomposition methodology to analyze the factors underlying the differentiated output losses of European countries in 2020. Our findings are fourfold: First, 2020 growth outcomes can be explained by differences in mobility, underlying growth trends, and pre-pandemic country...

Using individual-level data for 30 European countries between 1983 and 2019, we document the extent and earning consequences of workers' reallocation across occupations and industries and how these outcomes vary with individual-level characteristics, namely (i) education, (ii) gender, and (iii)...

The paper extends the work of Deaton (2021) by exploring the period of post-crisis recovery in 2021-2024. The paper documents per-capita income divergence during the period of post-shock recovery, with countries at the bottom of the income distribution falling significantly behind. Findings...

We present an analysis of the sensitivity of household mortgage probabilities of default (PDs) and loss given default (LGDs) on unemployment rates, house price growth, interest rates, and other drivers. A structural micro-macro simulation model is used to that end. It is anchored in the balance...

This paper documents five facts about inflation expectations in the euro area. First, individual inflation forecasts overreact to individual news. Second, the cross-section average of individual forecasts of inflation underreact to shocks initially, but overreacts in the medium term. Third,...