High unemployment rates entail substantial costs to the working population in terms of reduced subjective well-being. This paper studies the importance of individual economic security, in particular job security, by exploiting sector-specific institutional differences in the exposure to economic shocks. Public servants have stricter dismissal…

The Employ American Workers Act was added to the stimulus bill in February by U.S. Senators Charles E. Grassley, an Iowa Republican, and Bernard Sanders, an Independent from Vermont. It prohibits financial institutions that receive federal bailout money from hiring foreign workers if they have recently laid off American workers in similar jobs or…