This paper examines the relationship between the utilization of short-time work, inflation dynamics and monetary policy. Using a New Keynesian general equilibrium model with search and matching frictions, this study is a first to point out that short-time work can give rise to deflationary tendencies which may impact its efficacy, contingent on the monetary environment. While aggressive inflation targeting supports the stabilizing employment effects of short-time work, only little stabilization is observed when monetary policy is constrained by the zero lower bound. Our analysis also indicates that expanding the eligibility criteria may not deliver additional stabilization, whilst lowering the costs of short-time work could enhance employment even more.

本文研究了短期工作的利用、通货膨胀动态和货币政策之间的关系。这项研究使用带有搜索和匹配摩擦的新凯恩斯一般均衡模型，首次指出短期工作可能会产生通货紧缩趋势，这可能会影响其功效，具体取决于货币环境。虽然激进的通胀目标支持短期工作的稳定就业效应，但当货币政策受到零下限的约束时，几乎没有观察到稳定作用。我们的分析还表明，扩大资格标准可能不会带来额外的稳定性，而降低短时工作成本可能会进一步增加就业。