Preface

Macroeconomic shocks such as the recent global economic crisis can have far-reaching effects on the levels and the distribution of resources at the individual and the household levels. A recession associated with a labor market downturn and turbulent property and financial markets gives rise to significant and widespread losses for workers and households. Identifying the likely pattern of losses is, however, not straightforward. This is especially the case at the outset of a severe recession, when up-to-date information about current household circumstances is patchy, and economic conditions are subject to rapid change.