This paper analyzes the impact of countries' tax attractiveness on the allocation of risk within multinational groups … globally. We show that tax symmetry positively influences the relative amount of risk allocated to subsidiaries. Both time and … decrease the relative amount of risk taken. …

endogenous firing as well as a short-time work decision. In recessions, short-time work reduces the unemployment risk of workers …, we show that this channel can increase the stabilization potential of short-time work over the business cycle up to 55 …

recessions. First, we show that the consumption risk of short-time work is considerably smaller compared to unemployment using … risk of workers, which mitigates their precautionary savings motive. Using a quantitative model analysis, we show that this … channel increases the stabilization potential of short-time work over the business cycle. …