Fig. 1

Time series. a Short-time workers (download May 25, 2022), total of absolute numbers across sectors (Absolute) and total across sectors weighted by division-specific full-time-equivalent employment (FTE weighted). Monthly frequency, logarithmic scale. b Real GDP growth (vintage 22Q1), quarterly frequency, percentage scale. Gray bars highlight the dotcom and financial crises, the introduction and discontinuation of the euro-Swiss franc floor. Notes: Short-time workers, concatenated data: Published pdf-file (https://www.seco.admin.ch/seco/de/home/Arbeit/Arbeitslosenversicherung/leistungen/kurzarbeitsentschaedigung.html) as of May 1, 2020, January 2000 to December 2003; download (https://www.amstat.ch/MicroStrategy/servlet/mstrWeb) as of May 25, 2022, January 2004 to February 2022. Division-specific full-time equivalent employment: Data for 2019, obtained from FSO by e-mail as of June 20, 2022. GDP growth: Vintage 22Q1, Download (https://www.seco.admin.ch/seco/de/home/wirtschaftslage—wirtschaftspolitik/Wirtschaftslage/bip-quartalsschaetzungen-/concepts–en–.html) as of May 28, 2022. The shaded dotcom crisis spans the burst of the bubble in March 2000 up to the Enron scandal in October 2001. The shaded area of the financial crisis spans from September 2008 (Lehman Brothers insolvency) to April 2009