market volatility and Okun's elasticity over the business cycle. Second, we highlight a key mechanism linking financial … shock. Third, we present evidence coherent with the idea that more leveraged sectors experience larger employment volatility …

, Japan and Germany between 2.5 and 5 per cent of the workforce participated in short-time work schemes at the trough of the … Germany is more encouraging as to the effectiveness of STW, pointing to rather moderate deadweight losses. We interpret this …

market volatility and Okun's elasticity over the business cycle. Second, we highlight a key mechanism linking financial … shock. Third, we present evidence coherent with the idea that more leveraged sectors experience larger employment volatility …