started with higher unemployment and contracted less. “Far from suffering its wo

http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2011_spring_bpea_papers/2011_spring_bpea_conference_burda.pdfGermany started with higher unemployment and contracted less. “Far from suffering its worst labor market response since the war, as the United States did, Germany employment barely fell. … the key explanation is that the low confidence of manufacturers that the preceding expansion would last led to low hiring at that time, which meant that fewer workers needed to be laid off…”