Policy Papers
Policy Papers
"Les Prêts garantis par l’État (PGE) vont-ils pouvoir être remboursés ?" (with Laurent Bach, Arthur Guillouzouic & Clément Malgouyres), Note IPP n°70, 2021.
Using new registry data for firms ending their fiscal year in mid-2020, we document the take-up by French firms to the Prêts garantis par l'Etat (PGE, the French iteration of the pandemic loans). The PGEs were very popular with French companies in 2020, including among the largest companies. The analysis of corporate balance sheets indicates, as one would expect, that the gross debt of the beneficiaries has risen sharply. However, this was not actually accompanied by an increase in net debt to alarming levels, because some recipients received other grants and others were only using the PGE scheme as a precautionary measure.
"Impact de la crise et des mesures budgétaires 2020-2021 sur les entreprises" (with Laurent Bach, Arthur Guillouzouic & Clément Malgouyres), conférence annuelle de l’Institut des Politiques Publiques, 2020.
Using high-frequency VAT data, we find that the corporate sales impact of the Covid-19 shock in the spring of 2020 was very heterogeneous both between and within sectors. Emergency subsidies (loan guarantees, short-time work) do target firms with the biggest sales drops, albeit not perfectly. Corporate tax cuts, on the other hand, do not provide significantly more help to firms more affected by the pandemic.
"Impact de la crise covid sur le recours à l'activité partielle et au télétravail" (with Laurent Bach, Thomas Breda, Paul Dutronc-Postel, Clément Malgouyres & Léa Toulemon), IPP Policy Work
Using administrative data, we estimate the impact of covid crisis and lockdowns on the use of partial unemployment and work remotely habits.
"Employer's associations in France" (with Thomas Breda), Research Paper
Using administrative data and data surveys, we take a look on the importance of Employer's associations in the French and try to investigate why a firm would be part of an employer's associations.
"Measuring the Labor Market at the Onset of the COVID-19 Crisis" (Jesse Rothstein, Alex Bartik, Marianne Bertrand, Feng Lin, and Matthew Unrath)
Overtime Hours and Bonuses: a story of fiscal optimization (2019, Under the supervision of Pierre Cahuc and Denis Fougere)
Using French Labor Survey (Enquête Emploi) and following Cahuc and Carcillo (2014), I investigate the effect of removing a tax-cut policy on overtime hours, number of hours worked and bonuses. Through a DiD design, I found that if indeed the policy did increase solely the number of overtime hours but not the total number of hours worked, removing the policy had mixed and unclear effects. More importantly, I investigate the underlying mechanisms between bonuses and overtime hours. By making the declaration of overtime hours less costly, the tax-cut policy led to a transfer from bonuses to paid and declared overtime hours, with no effect on the number of hours worked.