endogenous firing as well as a short-time work decision. In recessions, short-time work reduces the unemployment risk of workers … replacement rate can be more effective compared to an increase of the unemployment benefit replacement rate. …

There is substantial evidence on the effectiveness of short-time work on reducing unemployment. However, no study looks … discontinuity designs to show that unemployment does not increase in regions with robust programs while rising up to seventeen …

unemployment. Second, we construct a New Keynesian model with heterogeneous workers and firms, incomplete asset markets, and labor … level and volatility of both the separation and unemployment rate at the cost of tying workers to less productive firms …

Using data from the SOEP, we analyze the well-being impact of underemployment through over-education to examine a …-change", although welfare reducing, may be more desirable than suffering the large welfare losses associated with unemployment whilst …, whilst their welfare loss due to "down-change" is approximately 50% of the welfare loss of entry into unemployment …