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Adult learning is seen as a key factor for enhancing employment, innovation and growth. The aim of this paper is to understand the points in the life cycle at which adult learning takes place and whether it leads to reaching a medium or high level of educational attainment. We perform a synthetic panel analysis of adult learning for cohorts aged 25-64 in 27 European countries using the European Union Labour Force Survey. We find that investment across the life cycle by cohorts older than 25 still occurs: participation in education and training as well as educational attainment increase observably across all cohorts. We also find that the decline with age slows down, or is even reversed for older cohorts, for both participation in education and educational attainment. Finally, we can identify cross-country differences in approach. In Nordic countries, adult learning is achieved primarily through participation in education and training without adding to formal educational attainment. In central Europe, adult learning occurs primarily in the form of increasing educational attainment. In Ireland and the UK, a combination of both approaches to adult learning is observable.

We analyze cyclical co-movement in credit, house prices, equity prices, and longterm interest rates across 17 advanced economies. Using a time-varying multi-level dynamic factor model and more than 130 years of data, we analyze the dynamics of co-movement at different levels of aggregation and compare recent developments to earlier episodes such as the early era of financial globalization from 1880 to 1913 and the Great Depression. We find that joint global dynamics across various financial quantities and prices as well as variable-specific global co-movements are important to explain fluctuations in the data. From a historical perspective, global co-movement in financial variables is not a new phenomenon, but its importance has increased for some variables since the 1980s. For equity prices, global cycles play currently a historically unprecedented role, explaining more than half of the fluctuations in the data. Global cycles in credit and housing have become much more pronounced and longer, but their importance in explaining dynamics has only increased for some economies including the US, the UK and Nordic European countries. We also include GDP in the analysis and find an increasing role for a global business cycle.

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