This paper shows that the reforms which expanded short-time work in France after the great 2008-2009 recession were largely to the benefit of large firms which are recurrent short-time work users. We argue that this expansion of short-time work is an inefficient way to provide insurance to...

Short-time work programs were revived by the Great Recession. To understand their operating mechanisms, Pierre Cahuc, Francis Kramarz & Sandra Nevoux first provide a model showing that short-time work may save jobs in firms hit by strong negative revenue shocks, but not in less severely-hit...