2013.3.27[IFW]Does Short-Time Work Save Jobs? A Business Cycle Analysis 2013. 3. 27. This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output fluctuations. The central question is whether the rule based component (i.e., the existence of the institution short-time work) and the discretionary component (i.e., rule changes) stabilize employment over the business cycle. In our baseline scenario the rule based..