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This study analyzes which types of firm-level shocks were associated with the centralization of strategic decision-making during the recession of 2008-09. We use a unique survey dataset of more than 14000 manufacturing firms from seven European countries which includes direct information on...
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pronounced before recessions. The results obtained from a panel probit model confirm that the divergence between the Divisia and … the simple sum aggregate has a significant predictive content for recessions in euro area countries. …
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Europe. Consistent with the view that firms use recessions as times to update skills, we find that training participation is … to be involved in public training programs during recessions, but not for the inactive, who may be affected by liquidity …
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