In der vorliegenden Arbeit wird der Versuch unternommen, die herrschenden mikro- und makroökonomischen Theorien einem Prognose- und Erklärungstest zu unterziehen und mit einem alternativen Ansatz zu kontrastieren.

Short-time work programs were revived by the Great Recession. To understand their operating mechanisms, we 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 firms, where hours worked are reduced, without...