“…We identify positive labor market performance shocks (likely caused by labor market reforms) as the key driver for the 'German labor market miracle' during the Great Recession."…”

“…We identify positive labor market performance shocks (likely caused by labor market reforms) as the key driver for the "German labor market miracle" during the Great Recession."…”

“…We disentangle discretionary short-time work from automatic stabilization in German data using smooth transition VARs."…”

“…These findings call into question the popular hypothesis that WTAs were the key driver of the unusually small increase in German unemployment in the Great Recession."…”

“…We disentangle discretionary short-time work from automatic stabilization in German data and estimate time-varying employment effects using a smooth transition VAR."…”