This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks,...

Using quarterly worker flow data of U.S. establishments, we find that an unexpected increase in uncertainty reduces hirings and quits, while it raises layoffs. This finding suggests that the real option effect of uncertainty is less important for employment decisions. Hence plants do not freeze...