The Heterogeneous Impact of Short-Time Work: From Saved Jobs to Windfall Effects,

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ID: 327133
2026
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Abstract
Abstract This paper investigates the adoption of short-time work by firms and their participating employees. We present a model showing that short-time work can preserve jobs in firms facing severe negative revenue shocks, but not in less affected firms, where hours are reduced without preventing layoffs. Using data from all French establishments during the 2008-2009 Great Recession, we find that short-time work helped save jobs and increased hours worked in firms hit by significant revenue losses, facilitating a faster post-recession recovery. We also identify substantial windfall effects, which raise the policy’s cost per job saved. Nonetheless, short-time work is likely more cost-effective at preserving employment than wage subsidies, potentially resulting in a net negative cost to public finances.
Reference Key
openalex_W7204784053 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Pierre Cahuc, Françis Kramarz, Sandra Nevoux, Nathan Vieira
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Journal journal of the european economic association
Year 2026
DOI
10.1093/jeea/jvag052
URL
https://doi.org/10.1093/jeea/jvag052
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