The German employment miracle in the Great Recession: the significance and institutional foundations of temporary working-time reductions
分析了德国劳动力市场在大衰退中表现强劲的原因，发现临时工作时间缩减（尤其是工作时间账户和常规工时的自由调整）比短期工作制更有效地缓冲了就业损失。
We analyse the robust performance of the German labour market in the Great Recession, and investigate to what extent cyclical reductions in productivity and working time cushioned employment losses. We present stylized facts and apply time-series techniques to estimate counterfactual developments. Our results show that the magnitude of temporary working-time reductions was extraordinarily pronounced, whereas cyclical reductions in hourly productivity were in line with historical evidence. Using detailed information on instruments for the adjustment of working time, we uncover the institutional mechanisms behind this strong reduction. While short-time work played a significant role, even more important were working-time accounts and discretionary variations in regular working time, two new instruments which gained widespread use in the decade before the Great Recession.