This paper investigates to what extent the declines of the U.S. real GDP are permanent during the Great Recession. Our trend-cycle decomposition indicates that the Great Recession is associated with a substantial permanent loss in the real GDP manifested in decelerated mean growth rate and...

Can governmental policies mitigate the effects of recessions on unemployment? We study whether the Swiss short-time work (STW) program reduced unemployment in the 2009-2015 period using quarterly establishment-level panel data linking several administrative data sources. We compare changes in...